'Full steam ahead': Aussie shares again near record

At midday the benchmark index was within easy striking distance of a new record, up 33.6 points, or 0.41 per cent, to 8,133.5. The broader All Ordinaries was up 31.1 points, or 0.37 per cent, to 8,354.6.

"Everything is giving bullish signals," Moomoo analyst Jessica Amir said. "Today and this week it's probably going to be full steam risk on ahead."

Tech, small caps and gold are all pushing higher, the US dollar is falling, and everything suggests that the US Federal Reserve will cut interest rates by at least a quarter-point this week, Ms Amir said.

Renewed hopes the Fed might opt for a super-sized half-point cut are also adding "extra hot sauce to the bullish sentiment," she added.

Capital.com analyst Kyle Rodda said markets are also of the view that the Fed will cut rates by a full percentage point this year, meaning that even if it doesn't cut rates by a half point this week, expectations of a "jumbo" cut will be deferred to the November or December meeting unless it pushes back on that notion.

Eight of the ASX's 11 sectors were higher at midday, with energy, health care and utilities lower.

The interest-rate sensitive property sector was the biggest mover, up 1.0 per cent. Goodman Group had climbed 1.4 per cent and both Scentre Group and Vicinity Centres added 1.5 per cent.

Goldminers were higher as the yellow metal traded just $US2 from its all-time high of $US2,586 an ounce set Friday.

Evolution Mining was up 4.4 per cent, Newmont had gained 1.2 per cent and Northern Star had added 1.7 per cent.

Elsewhere in the sector, BHP edged 0.1 per cent higher while Rio Tinto dipped 0.8 per cent and Fortescue slipped 1.1 per cent.

All of the big four banks were higher with Westpac climbing 1.7 per cent, CBA adding 0.8 per cent, NAB rising 0.9 per cent and ANZ growing 0.3 per cent.

The Australian dollar was buying 67.10 US cents, from 67.16 US cents at Friday's ASX close.