May 21 (Reuters) - Australian shares climbed on Wednesday, led by banks after the local central bank cut interest rates as expected, citing softening inflation and global uncertainty from U.S. tariffs, with energy and gold adding to the rise.

The S&P/ASX 200 index .AXJO rose 0.6% to 8,393.1 points by 0029 GMT. The benchmark had ended the last session 0.6% higher.

On Tuesday, the Reserve Bank of Australia $(RBA)$ cut its cash rate by 25 basis points (bps), citing cooling inflation at home and a severe downside scenario for global trade from U.S. tariffs, in a move that was fully priced in by markets since the levies were announced in April.

Investors still expect at least two more rate cuts this year to bring the cash rate in the 3.10%-3.35% range. 0#AUDIRPR

Financial stocks .AXFJ gained 0.8%, with National Australia Bank NAB.AX, Commonwealth Bank of Australia CBA.AX and ANZ ANZ.AX rising 0.5%, 0.6% and 0.8%, respectively.

Gold stocks .AXGD rose nearly 4%, tracking bullion prices higher as investors sought safe assets amid U.S. fiscal uncertainty. GOL/

Evolution Mining EVN.AX, St Barbara SBM.AX and Northern Star Resources NST.AX added 5.3%, 3.4% and 3.9%, respectively.

Energy stocks .AXEJ advanced 1.6% as oil rose on reports that Israel is preparing to strike Iranian nuclear facilities. O/R

Australia's top gas producer, Woodside Energy WDS.AX, advanced 1.5%, while smaller rival Santos STO.AX gained 0.9%.

Miners .AXMM added nearly 1% as iron ore prices inched up amid resilient near-term demand. IRONORE/

In company news, James Hardie Industries' JHX.AX Australian-listed stock shed 4.6% and was among the top laggards on the benchmark index. The building materials maker reported a 9% slump in its full-year profit.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.5% to 12,712.96.

(Reporting by Roshan Thomas in Bengaluru; Editing by Sumana Nandy)

((Roshan.Thomas@thomsonreuters.com))

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