Australian markets soar higher on banking stocks

Australian markets soared to new highs, helped by a sustained rally in the banking sector. The benchmark S&P/ASX 200 rose 0.45 percent to 8,444.30 while the broader All Ordinaries index settled 0.47 percent higher at 8,700.

Commonwealth Bank of Australia, the country's biggest bank, rose 0.6 percent to extend recent sharp gains while Westpac added 0.8 percent, and NAB climbed 0.9 percent.

Healthcare stocks extended gains for a fifth consecutive session, with biotech CSL adding 1.6 percent.

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