The Australian stockmarket opened more than three-quarters of a per cent higher following strong gains on international markets after Russian President Vladimir Putin said he would send troops into Ukraine only as "a last resort".
At the 1015 AEDT official market open, the benchmark S&P/ASX200 index rose 0.76% to 5,441.1 points, while the broader All Ordinaries index added 0.75% to 5,452.2 points.
BBY client adviser Henry Jennings said Wall Street and European markets had rallied strongly after Mr Putin played down the option of sending Russian troops into the former Soviet state.
He said the local market has followed overseas leads and opened strongly.
"I guess it's overseas markets breathing a sigh of relief that Putin says he has no plans to invade Ukraine," he said.
Financials led the market higher, with the big four banks all posting strong gains.