Aust stocks close slightly higher

Local market pares early gains after federal budget deficit widens as expected.

The Australian stock market has pared morning gains to close slightly higher after the federal budget deficit increased and the Reserve Bank of Australia again warned the exchange rate was too high.

At the 1615 AEDT official market close, the benchmark S&P/ASX200 index was 0.27% higher at 5,103.2 points, while the broader All Ordinaries index rose 0.26%, at 5,106.1 points.

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