The Australian market is set to open higher after legislation was passed in the US to roll back series of spending cuts and tax hikes that could have pushed America back into recession.

At 0756 AEDT on the ASX 24, the June share price index futures contract was up 26 points at 4710.

On Wednesday, Australia’s benchmark S&P/ASX200 index closed up 57 points, or 1.23 per cent, at 4,705.9 points on Wednesday, while the broader All Ordinaries index rose 58.3 points, or 1.25 per cent, at 4,722.9 points.

It was the S&P/ASX200’s highest close since June 1, 2011, when the benchmark index ended the local session at 4707.3 points.