The Australian share market has closed one per cent higher despite falls by market heavyweight BHP Billiton.

At the close on Wednesday, the benchmark S&P/ASX200 index was 58.8 points, or 1.05 per cent, higher at 5,636.2, while the broader All Ordinaries index was up 57.1 points, or 1.03 per cent, at 5,619.0.

On the ASX 24, the September share price index futures contract was 58 points higher at 5,577, with 25,502 contracts traded.