At noon AEDT on Wednesday, the benchmark S&P/ASX200 index was up 71.2 points, or 1.01 per cent, to 7,132.8, while the broader All Ordinaries had gained 69.1 points, or 0.95 per cent, to 7,336.8.
Shortly before lunchtime, the Australian Bureau of Statistics reported Australia's gross domestic product grew at a sluggish 0.2 per cent for the September quarter.
The local market's gains followed a mixed lead from Wall Street, with the tech-heavy Nasdaq rising 0.3 per cent amid a resurgence in Apple shares, while the Dow Jones and S&P500 were down.Â
Although the ASX200 had already made solid gains by the 11.30am AEDT announcement, investors will hope the lower-than-expected GDP figure would help convince the RBA to refrain from hiking rates at its next board meeting, with its rate rises having their intended effect on the economy.
Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia, said momentum in the economy was clearly waning.
Analysts were at odds over whether Reserve Bank governor Michele Bullock's commentary following Tuesday's board meeting should be interpreted as signalling further rate rises or heralding an end to the tightening cycle.
Mr Langcake said the central bank's communications indicated it was likely to raise rates again but IG market analyst Tony Sycamore pointed out the rates market was pricing in a February hike at only four per cent, down from 35 per cent before the announcement.
Out of the 11 official ASX sectors only energy stocks were in the red at noon.
Of the heavyweight miners, BHP rose 0.8 per cent, Fortescue firmed 0.4 per cent and Rio Tinto climbed 0.5 per cent after it valued its Guinean Simandou iron ore project at $US6.2 billion.
Meanwhile, goldminer Evolution was heading in the opposite direction, plummeting 14.4 per cent to $3.54 after it completed a $525 million share placement to fund its acquisition of an 80 per cent stake in the Northparkes gold and copper mine in NSW.
The big banks all gained. NAB was up 1.7 per cent, ANZ grew 0.8 per cent and Westpac and CBA were both 1.3 per cent higher.
Financial services group Perpetual jumped 4.3 per cent to $22.32 after announcing a strategic review into separating its corporate trust and wealth management businesses to create a more focused asset management business.
Pub and bottle shop owner Endeavour rose 3.0 per cent to $5.23 after the hospitality group said it would grow hotel sales by more than $150 million over the next five years.
IAG rose 2.6 per cent after announcing group general counsel and company secretary Peter Horton would leave the company immediately after falling short of IAG's employee code of ethics and conduct.
The Australian dollar was buying 65.77 US cents, from 65.82 US cents at Tuesday's ASX close.
