Australia shares up 0.9 pct on firm miners; budget eyed

Tue May 13, 2014 2:27am EDT

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SYDNEY May 13 (Reuters) - Australian shares ended 0.9 percent higher on Tuesday, spurred by broad-based gains in miners and banks after Wall Street notched up another record high and base metals firmed.

Investors were also looking ahead to the first budget from the conservative coalition government of Prime Minister Tony Abbott at 0930 GMT, with big spending cuts forecast, along with tax hikes and spending on infrastructure.

Earlier in the day, April factory output and retail sales from China, Australia's biggest export market, came in below forecasts.

The S&P/ASX 200 index gained 49.76 points to close at 5,498.2 after earlier touching the highest level since April 30. The benchmark dipped 0.2 percent to 5,448.4 on Monday.

New Zealand's benchmark NZX 50 index rose 0.72 percent to 5,199.34 points. (Reporting by Swati Pandey; Editing by Jacqueline Wong)

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