The Australian share market is higher after official data showed that the nation’s jobless rate has eased.

Australian Bureau of Statistics data show that the unemployment rate has fallen from its 12-year high of 6.4 per cent in January to 6.3 per cent in February.

The result was in line with market expectations and does not change the interest rate outlook, Australian Stock Report head of research Chris Conway said.

“It doesn’t shift the expectations of what the Reserve Bank of Australia will do with interest rates, which is a rate cut either in April or May,” he said.

“Because the interest rate theme has not changed, people are happy to move back into high yielding stocks and that, of course, means the banks.

“The financials are up about one per cent but the big miners continue to lag on the back of weaker commodity prices overnight.”

The Commonwealth Bank rose 90 cents to $91.42, Westpac gained 45.5 cents to $37.955, ANZ lifted 40 cents to $35.62 and National Bank was 37 cents higher at $37.93.

The major miners were down, with BHP Billiton nine cents lower at $30.24, Rio Tinto minus 18 cents at $57.69 and iron ore miner Fortescue Metals 2.25 cents worse off at $1.93.

Oil and gas explorer Santos was down four cents at $7.29, but Woodside Petroleum was up 11 cents to $34.52.

Telstra had gained five cents to $6.27.

KEY FACTS

* At 1200 AEDT on Thursday, the benchmark S&P/ASX200 index was up 48 points, or 0.83 per cent, at 5,841.2.

* The broader All Ordinaries index was up 44.5 points, or 0.77 per cent, at 5,807.8.

* The March share price index futures contract was up 53 points at 5,839 with 14,549 contracts traded.

* National turnover was 580 million securities worth $1.4 billion.