The Australian share market saw an uptick today, with the S&P/ASX 200 Index rising 0.5% to 7,762.4 and the All Ords increasing by 0.4%. The growth was predominantly driven by the mining sector, especially after BHP’s stock ascended 2.4% following Anglo American’s strategic shift towards its key mineral assets. This sectoral rally was further supported by the federal government’s announcement of substantial financial backing, totaling $24.3 billion in tax credits and incentives for critical minerals and hydrogen industries.

In other sectors, consumer and property stocks also benefited, with Fortescue, Arcadium, and Silex Systems registering notable gains. The budget’s provision of a $7.8 billion cost-of-living package is expected to support businesses catering to lower-income groups, with Domino’s Pizza and Super Retail among the key beneficiaries.

Market optimism is tempered by reduced expectations for a Reserve Bank rate hike, influenced by slower-than-anticipated wage growth. Meanwhile, Australian Agricultural Company and Iress faced declines due to operational challenges and security issues, respectively.