Australian shares continued to rise on Tuesday, closing at a two-month high amid the potential to reduce the impact of US tariffs on the automotive sector.

The S&P/ASX 200 Index rose 73.50 points, or 0.92%, to 8,070.60.

All sectors of the bourse were trading in the green. Stocks were buoyed by US officials stating the administration of US President Donald Trump will move to reduce the impact of automotive tariffs by alleviating some duties imposed on foreign parts, the Australian Financial Review reported.

On the domestic front, the ANZ-Roy Morgan Consumer Confidence Index declined to 83.4 from 85.5 in the week of April 21 to 27, amid a more downbeat economic outlook due to the US-China trade tensions. Households' assessment of their year-ago and year-ahead financial situation declined. Meanwhile, the "time to buy a major household item" sub-index improved. Inflation expectations accelerated to 5.1% from 4.9%.

Superannuation funds now make up a "substantial share" of Australia's capital outflows, buoyed by a jump in offshore asset allocation, according to Reserve Bank of Australia Assistant Governor Christopher Kent. "[M]easures of volatility from (foreign exchange) options increased to levels observed during the pandemic and liquidity deteriorated noticeably," Kent added.

In company news, Betr Entertainment (ASX:BBT) revised its takeover bid for PointsBet Holdings (ASX:PBH) and launched a AU$130 million equity raise to fund the proposed deal in an attempt to address concerns raised by the latter.

The potential value outcome for PointsBet shareholders from the new offer is AU$1.33 per share. Betr now owns 19.9% relevant interest in PointsBet to become the company's largest shareholder.

Mineral Resources (ASX:MIN) said its production volume from its mining services division fell to 62 million wet metric tonnes during the fiscal third quarter ended March from 69 million wmt a year ago due to reduced volumes from the Yilgarn hub and Bald Hill lithium project in Western Australia, partially offset by external volume growth. Its shares rallied 13% on market close.

Endeavour Group (ASX:EDV) appointed Jayne Hrdlicka as chief executive, effective Jan. 1, 2026. Ari Mervis will continue as executive chairman until Hrdlicka starts in her role.