Australia's stock market today broke above 6,000 points for the first time since the global financial crisis, pushing past a psychological barrier amid optimism about the world economy. 

The benchmark S&P/ASX 200 passed the mark in mid-day trading, after failing to breach the level in several attempts over recent years.

It ended the day 61 points (1.02%) higher at 6,014. 

The market had plunged below 6,000 in 2008 as the financial crisis sent shock waves through global markets.

The lift in the Australian bourse reflected rallies in stock markets elsewhere.

US shares last night set new records for the second day in a row boosted by rising oil prices, solid US economic data and a series of strong earnings reports.

Central banks around the world slashed interest rates and pumped huge amounts of cash into the financial system in a bid to boost economic growth after the crisis. 

But several major central banks have started to wind back their stimulus packages as the pace of economic recovery quickens. 

Today's gains in Sydney were led by mining stocks, which strengthened on the back of improving commodity prices.

Meanwhile, Australia's central bank left interest rates at a record low today after mixed signals from the domestic economy in recent weeks. 

The Reserve Bank slashed rates by 300 basis points since November 2011 to 1.5%, but has left them on hold since August last year.

Stagnant wage growth and a weak consumer price index continue to be issues preventing the bank from lifting rates. 

"The low level of interest rates is continuing to support the Australian economy," said Reserve Bank governor Philip Lowe.

"Taking account of the available information, the board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," he added. 

The board met after conflicting data in recent weeks.  

On the positive side, the global economy and infrastructure outlook remain positive while rampant house price growth has been slowing in line with a "soft landing". 

The unemployment rate has also fallen to 5.5%. 

But third quarter inflation data was slightly below expectations and September retail sales came in weak. A pick-up in wage growth also remains elusive.

"Wage growth remains low in most countries, as does core inflation," admitted Lowe. 

"Headline inflation rates are generally lower than at the start of the year, largely reflecting the earlier decline in oil prices," he added. 

Many economists see no rate hike until the second half of next year with some even forecasting that the wait could last until 2019.