The Australian sharemarket advanced 0.6 per cent in the first session of the new financial year, lifted by banks and gold miners.

The S&P/ASX200 Index added 36.5 points, or 0.6 per cent, to 5934.4 points.

The big banks helped lift the index, with Westpac rising 1.8 per cent and Commonwealth Bank adding 0.4 per cent.

Suncorp tumbled 4.1 per cent after it announcing a major shake-up that sees group chief executive Steve Johnston take direct control of the insurance business.

Suncorp also named Commonwealth Bank of Australia's Clive van Horen as the head its banking operation. Mr van Horen, who has been CBA's head of business Customer Solutions since July 2018, replaces Lee Hatton who jumped ship to Afterpay in May, after just five months in the role. He will start in August.

Gold miners also had a good session, with Newcrest advancing 2.6 per cent and Northern Star jumping 6.5 per cent.

Tech stocks rallied. Data centre play NEXTDC gained 8.1 per cent, Megaport rose 7.4 per cent and Afterpay advanced 4.1 per cent.

WiseTech fell 4.1 per cent after J-Capital said the logistics software provider had written down earn-outs related to acquisitions without writing off goodwill.

Among blue chip decliners, CSL fell 0.8 per cent and Woolworths retreated 1 per cent.