The Australian share market has opened higher.

At 1023 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 37.2 points, or 0.74 per cent, at 5040.8, while the broader All Ordinaries index was up 35.3 points, or 0.70 per cent, at 5057.1.

On the ASX 24, the March share price index futures contract was up 46 points at 5024, with 9,487 contracts traded.