The Australian share market has closed at fresh highs on the back of firmer commodities prices and positive sentiment from the US fiscal cliff deal.

At 1615 AEDT on Thursday, the benchmark S&P/ASX200 index was up 34.8 points, or 0.74 per cent, at 4,740.7, while the broader All Ordinaries index had risen 38.5 points, or 0.82 per cent, at 4,761.4 points.

On the ASX 24, the March share price index futures contract was 35 points higher at 4,719, with 26,588 contracts traded.