On the back of positive leads coming in from America's Wall Street and an overall supportive performance by commodity shares, the Australian share market managed to hit a new 15-month high.

At about 12:05 AEDT, the benchmark S&P/ASX 200 index had surged by 0.69% to 4,946.2 points after going up-to 4,948.7 points, which has been the highest mid-day level, hit since September 25, 2008.

The broader All Ordinaries index had gained 0.66% to 4,975.2 points.

In the morning session, the miners nudged the market higher, after reports from China came in about a strong growth in commodities imports.

"The data is further evidence the global economic recovery is gaining momentum", IG Markets analyst Ben Potter said.

While BHP Billiton and Rio Tinto added 1.69% and 1.17%, respectively, Fortescue Metals Group hiked by 2.17%. Oil stocks and shares of all major 4 banks of Australia were also in positive territory, pushing the market further.