The local share market has finished higher with solid gains by healthcare companies CSL and Cochlear and wage data that showed no signs salaries were spiralling out of control.
The benchmark S&P/ASX200 index on Tuesday finished up 28 points, or 0.38 per cent, to 7,305.0.
The broader All Ordinaries gained 27.3 points, or 0.36 per cent, to 7,520.4.
The market was already advancing but climbed further after the Australian Bureau of Statistics reported Australian wages rose 0.8 per cent in the June quarter and 3.6 per cent for year-on-year, a touch below consensus forecasts.
While the readout didn't capture the large wage increases that went into effect July 1, it still undercut the notion inflation was causing inflation-driven, price-wage spiral.
"Today’s wages data reinforced market expectations that policymakers are likely to hold the cash rate steady at 4.1 per cent when they next meet on September 5," wrote CommSec economist Ryan Felsman.
Minutes from the Reserve Bank's August 1 meeting released on Tuesday indicated board members debated raising rates before deciding against it, seeing a “credible path back to the inflation target with the cash rate staying at its present level".
"My base case is that the RBA has now concluded raising interest rates," declared Betashares chief economist David Bassanese.
J.P. Morgan economist Tom Kennedy said the investment bank continued to forecast one more rate hike at the Reserve Bank's November policy meeting, but acknowledged the probability that the cash rate has now peaked is "creeping higher".
The ASX's healthcare sector was the biggest gainer on Tuesday, climbing 3.2 per cent, its best one-day performance since a 3.6 per cent gain on November 11.
CSL rose 3.7 per cent to a five-week high of $273.32 as the blood products giant delivered a full year underlying profit of US$2.61 billion, up 10 per cent from a year ago.
Cochlear grew 5.7 per cent to a two-month high of $247.185 after the hearing implant manufacturer announced its full-year underlying net profit was up 10 per cent to $305 million, the top end of guidance.
The Sydney-based company said earnings was bolstered by strong sales of its new next-generation sound processor and the easing of a COVID-related surgical backlog caused by hospital staffing shortages.
NAB climbed 1.3 per cent to $28.70 as the business-focused bank announced an unaudited third-quarter profit of $1.75 billion and plans to buy back up to $1.5 billion of its shares.
Westpac added 0.3 per cent to $21.97, while CBA and ANZ both edged 0.2 per cent lower, at $103.51 and $25.08, respectively.
In the heavyweight mining sector, BHP dipped 0.3 per cent to $44.62, Fortescue climbed 1.0 per cent to $20.82 and Rio Tinto fell 0.4 per cent to $106.05.
In tech, Life360 soared 12.3 per cent to an 18-month high of $9.01 after the location-tracking platform reported its second straight quarter of positive operating cash flow as its revenue grew 45 per cent year-on-year to $US70.8 million.
The Australian dollar was buying 64.74 US cents, from 64.85 US cents at Monday's ASX close, to finish at a nine-month low.
ON THE ASX:
* The S&P/ASX200 index finished Tuesday up 28 points, or 0.38 per cent, at 7,305.0.
* The All Ordinaries added 27.3 points, or 0.36 per cent, to 7,520.4
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.74 US cents, from 64.85 US cents at Monday's ASX close
* 94.32 Japanese yen, from 93.89 Japanese yen
* 59.26 Euro cents, 59.23 Euro cents
* 50.97 British pence, from 51.08 pence
* 108.47 NZ cents, from 108.51 NZ cents.
