The sharemarket was higher despite weakness among major resources stocks as investors waited for the federal budget.
Most major sectors were up at noon, with information technology shares leading the way and despite a dip in the energy sector.
Market heavyweight BHP Billiton was down slightly, off by four cents, or 0.1 per cent to $34.51 while fellow diversified miner Rio Tinto was also down, 12 cents, or 0.2 per cent lower, at $57.47.
The big four banks were mixed, with ANZ down 14.5 cents, or 0.49 per cent, to $29.94, while CBA was up 89.5 cents, or 1.26 per cent to $72.04, the NAB was off seven cents, or 0.21 per cent, to $33.11 while Westpac fell five cents, or 0.16 per cent, to $31.75.
In economic news, Treasurer Wayne Swan says his sixth budget will take the "extraordinary step'' of laying out a 10-year plan to fund key education and disability care reforms.
But he insists he won't be "cutting to the bone'' to pay for them.
Economists expect the budget will reveal multi-billion dollar deficits over the next few years at least, rather than the series of surpluses promised a year ago.
