The S&P/ASX 200 index climbed 1.3 per cent to 7,172.8, rising to pre-pandemic levels, with index heavyweights BHP Group and Rio Tinto scaling record highs on strong iron ore prices.
Miners climbed more than 3.8 per cent to hit their highest since May 2008, with BHP rising 3.1 per cent, Rio Tinto adding over 4 per cent and Fortescue closing about 7 per cent higher.
Broader Asian markets also rallied as data on Friday showed U.S. job growth unexpectedly slowed in April, alleviating some concerns about rising inflation and potentially higher U.S. interest rates.
Further aiding sentiment, a survey showed Australian business conditions surged to all-time highs in April as firms reported sharply increased sales, profits and employment, a sign the economy was coping well with the end of a government support programme for jobs.
Australian casino operator Crown Resorts jumped more than 7 per cent, after receiving a buyout proposal valued at A$9 billion from rival Star Entertainment Group.
Star’s shares closed 7.7 per cent higher, marking their best day in a year.
New Zealand’s benchmark S&P/NZX 50 index closed 0.5 per cent lower at 12,659.01, extending losses into the fourth session.
