The benchmark ASX 200 was around 0.34 per cent higher to 8201.7 by midday on Monday, as the broader All Ordinaries climbed 0.26 per cent to 8432.2.
"With reporting season now in the rearview mirror, the main drivers of the ASX200 in the months ahead will be developments around US tariffs and trade policy and the rapidly approaching federal election," IG Markets analyst Tony Sycamore said.
US president Donald Trump's planned 25 per cent tariffs for Mexico and Canada and a 10 per cent tariff on Chinese goods are set to kick-in tomorrow, but US markets on Friday were buoyed by in-line inflation figures.
Mr Trump also sent cryptocurrencies higher, after he reaffirmed his support for a US strategic reserve for digital currencies including Bitcoin, Ethereum, XRP, Solana and Cardano.
Bitcoin surged more than 10 per cent on the news, and is buying around $US9,152.
Eight of the ASX 200's 11 sectors were in the green by midday, led by telecommunication, information technology and energy stocks, each up between 0.6 and 0.8 per cent.
Health care stocks gained 0.9 per cent, thanks in part to Pro Medicus surging 4.5 per cent on the back of signing a $40 million contract to roll-out its imaging tool with US radiology provider LucidHealth.
A 0.7 per cent lift in materials was helped by BHP, up 0.7 per cent, and Rio Tinto, which gained more than 1.2 per cent in early trading after resuming shipping at its cyclone-impacted Dampier Port facility.
Despite operations at two ports being impacted by three tropical cyclones, Rio kept its Pilbara iron ore shipment guidance for 2025 unchanged at 323 million to 338 million tonnes.
Utilities and financial stocks weighed on the index, down roughly 0.9 per cent and 0.5 per cent respectively.
The Commonwealth Bank and ANZ were down 0.5 per cent and 0.35 per cent respectively.
Star Entertainment shares have been placed on a trading halt after it failed to lodge its half year results on Friday, as it continues to look for a backer to refinance its corporate debt.
Its shared plunged more than 19 per cent on Friday as it announced it continued to seek bailout offers.
The Australian dollar was up slightly against the greenback, buying 62.26 US cents, up from a 24-day low of 62.12 on Friday afternoon.
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