Australian shares inched up Tuesday, tracking Wall Street's gains fueled by the rise in mega-cap technology stocks.

The S&P/ASX 200 Index rose 0.2% or 19.3 points to close at 8,220.90.

In domestic news, the Reserve Bank of Australia said the country's underlying inflation was still "too high," adding that it does not expect it to return to the midpoint of the target until 2026, according to the minutes of its Dec. 9 and 10 meeting.

In company news, St Barbara's (ASX:SBM) subsidiary, Simberi Gold Company, received an assessment of additional taxes from Papua New Guinea's Internal Revenue Commission. Shares of the company fell past 34% at market close.

Meanwhile, Arcadium Lithium (ASX:LTM) secured shareholder approval for its proposed takeover by Rio Tinto (ASX:RIO). Shares of the company finished almost 7% higher, while Rio Tinto's shares fell nearly 1%.