The Australian sharemarket advanced for a fourth consecutive session, notching up its longest wining streak since July as investors continue to cheer this week's budget spending blitz.

The S&P/ASX200 Index rose 65.8 points, or 1.1 per cent, to 6102.2 points. The benchmark is up 5.4 per cent for the week.

Blue chips shouldered most of the gains, with CSL up 2.4 per cent, BHP gaining 2.2 per cent and Commonwealth Bank inching 0.8 per cent higher.

Tech stocks also performed strongly, with the S&P/ASX All Technology Index gaining 2.2 per cent.

ELMO Software was the standout gainer for the day, with the stock soaring 12.2 per cent after it acquired UK-based human resources platform Breathe for $32 million.

Netwealth gained 8.3 per cent after the funds management platform said a 25.4 per cent increase in net inflows contributed to a 8 per cent increase in funds under administration in the September quarter.

Buy now pay later stocks also enjoyed a good session. Sezzle gained 3.6 per cent after after a record third quarter.

Merchant sales surged 231.2 per cent to $US22.1 million for the September quarter, versus the prior corresponding quarter.

Other BNPL plays rallied, with Zip soaring 8.8 per cent and Afterpay gaining 2.6 per cent.

Transurban fell 1 per cent after the toll road giant said it was looking to sell stakes in its US roads.

Ampol gained 1.3 per cent after warning it could close its Lytton refinery near Brisbane. Viva Energy, which operates the Geelong refinery, fell 2.2 per cent.