Aust stocks soar 2.3% as RBA holds fire

The Australian stock market accelerated gains to 2.3% as it broke the 4800 threshold in late trade, after the Reserve Bank of Australia held the cash rate at a record low for the second straight month.

The central bank's move added to optimism from a rebound on Wall Street overnight, which saw the Dow Jones start July on a positive note on a promising duo of local economic reports.

At 1508 AEST, the local benchmark S&P/ASX200 index rose 2.31% to 4819.1 points, while the broader All Ordinaries index was 2.26% higher at 4795.6 points.

Materials were stronger, with the major miners leading the market.