Australian shares notch third record in six days

The Australian share market has set its third all-time high in the past six days - and one expert says the rally could be just getting started.

The benchmark S&P/ASX200 index on Monday rose 23.8 points, or 0.28 per cent, to 8,417.6, its first close above 8,400, while the broader All Ordinaries gained 28.1 points, or 0.33 per cent, to 8,661.2.

In late-morning trading ASX200 climbed as high as 8,462.1, eclipsing its previous all-time intraday record of 8,446.4 set last Tuesday.

The index also set an all-time closing high on Friday.

The Australian dollar was buying 65.18 US cents, from 64.89 US cents at Friday's ASX close.