Australia's stock market rebounded on Monday, with the S&P/ASX 200 Index closing 0.8% higher at 7788.3 points, primarily driven by gains in the rate-sensitive property sector, which surged by 1.8%.

The Australian sharemarket rebounded from last week's sell-off, with the S&P/ASX 200 gaining 0.7% at 7,781.50 by 11:30am , driven by a recovery in the property sector following concerns about US interest rates.

Australian shares opened lower on Friday, declining by 0.93 per cent by 11:35am due to weakness in commodities and following a sell-off on Wall Street.

The Australian stock market experienced a decline on Thursday, attributed to concerns raised by the latest US Federal Reserve meeting minutes regarding the pace of disinflation. This led to profit-taking in commodities.

Australian shares have decreased by 0.9% at 11:30am, in response to the Federal Reserve's concerns over inflation, mirroring Wall Street's decline. The Fed's minutes indicated a potential for further tightening of monetary policy, leading to a drop in treasuries, oil prices, and gold, while BHP's shares fell 3% due to rejection of its acquisition offer by Anglo American.

Shares on the S&P/ASX 200 dipped 0.05%, primarily driven by a decline in retail and consumer stocks despite gains in the mining sector.

Australian shares opened slightly higher, with a 0.2% increase driven by gains in the tech sector, although Telstra experienced a 4% decline due to announced job cuts. Wall Street saw major indices reaching record highs, notably the S&P 500, which added 0.3% to its record high for the 24th time in the year. At 11:30am, the S&P/ASX 200 is 0.22 per cent higher at 7,868.70.

Australian shares closed slightly lower on Tuesday as declines in James Hardie and Sonic Healthcare offset gains in the tech sector following a Nasdaq high. The S&P/ASX 200 dropped 0.2% to 7851.7, nearing but not reaching its previous record close of 7896.4 in March.

The Reserve Bank's May policy meeting minutes indicated that while raising the cash rate was considered if forecasts risked optimism regarding inflation factors, stronger-than-expected data prompted them to maintain the rate at 4.35%, citing insufficient updates to justify policy alteration and acknowledging increased inflation risks.

Australian shares are inching closer to a record close, with the ASX moving within 35 points of its all-time high.

Copper has surged to a new high, driven by financial investors anticipating a supply shortage, with futures on the London Metal Exchange reaching $US10,848 a ton, reflecting a more than 25% increase since the year began, amid concerns of a tightening ore supply potentially leading to a global shortfall in refined metal.

Oil prices remained relatively stable throughout the week, with Brent trading slightly above $83 a barrel and West Texas Intermediate below $80, as the market focused on supply dynamics and inflation concerns.

On Thursday, Australian shares experienced a significant surge, edging tantalizingly close to their all-time high, buoyed by market speculation surrounding potential interest rate cuts by the Reserve Bank of Australia.

Australian employment rose by 38,500 in April, with the unemployment rate climbing to 4.1%, up from the previous month's 3.9%.

The Australian sharemarket rallied on Wednesday, with the S&P/ASX 200 Index climbing 0.4% to 7753.7 and the All Ordinaries rising 0.3%, driven by gains in the mining sector following the federal government's commitment to increase funding for critical minerals.

Wage growth in Australia decelerated to 0.8% in the first quarter, falling short of analysts' expectations of 0.9%.