The Australian share market has opened higher led by the big miners after a four per cent surge in iron ore prices and after US political leaders came to an agreement on rolling back a series of tax hikes and spending cuts.

At 1015 AEDT on Wednesday, the benchmark S&P/ASX200 index was up 14.1 points, or 0.3 per cent, at 4,4663.3, while the broader All Ordinaries index rose 14.5 points, or 0.31 per cent, at 4,4679.1.

On the ASX 24, the March share price index futures contract was up 22 points at 4,638 with 2,130 contracts traded.