Australian shares rose as Wall Street recovered from last week's losses helped as Technology shares jumped on the prospect of favorable policy changes from Trump's administration.

The S&P/ASX 200 Index jumped 0.9% or 73.8 points to close at 8,374.

Tesla's shares rose after a Bloomberg report said Donald Trump's team could ease rules for self-driving cars, while investors eagerly await the earnings report from Nvidia, Reuters reported.

On the domestic front, The Reserve Bank of Australia (RBA) stressed that the monetary policy needs to stay "sufficiently restrictive" until inflation is sustainably moving towards the target, while noting that there is "no immediate need" to alter the cash rate target, minutes from the central bank's November meeting showed Tuesday.

Australian consumer confidence improved further in the past week, with households feeling more upbeat about the year-ahead economic situation, with the ANZ-Roy Morgan Australian Consumer Confidence index rising 0.1 to 86.8 in the week of Nov. 11 to 17.

The Reserve Bank of Australia (RBA) is opening its door to a rate cut based on its November minutes, ANZ Research said. At its Nov. 5 meeting, the central bank left the cash rate unchanged at 4.35%, where it has been for about a year.

In company news, Enterprise software company Technology One (ASX:TNE) reported earnings of AU$0.3603 per share for the year ended Sept. 30, an increase from AU$0.3154 per share in the year-earlier period Analysts polled by Visible Alpha expected EPS of AU$0.3612. Company shares rose 10% at market close.

Santos (ASX:STO) is targeting shareholder returns of at least 60% of all-in free cash flow from 2026. The returns will be directed to the shareholders following new production from the company's Barossa project in Northern Australia and Pikka project in Alaska.

Elders (ASX:ELD) raised AU$143 million via the institutional component of its fully underwritten 1-for-5.05 pro-rata accelerated non-renounceable entitlement offer of new ordinary shares. Elders' shares fell 11% at market close.