S&P/ASX 200 (INDEXASX:XJO) closed 1.7% higher at 6476, its highest level since December 14, 2007.
The market gained as the coalition’s surprise re-election stamped out the threat of dividend imputation changes and capped health insurance premiums.
The banks provided the market with the biggest boost, as the financial sector surged 5.9%. Westpac Bank () jumped 9.2% to $27.75, while ANZ Bank () climbed 7.8% to $27.86.
Without gains in the finance sector the market would have been down.
Big drop for Webjet
The biggest decline was Webjet () falling 7.7% to $15.50, nearmap () closing 5.7% lower at $3.61 and Altium () which closed 4.6% lower at $31.10.