The benchmark S&P/ASX200 slipped 1.7 points lower by midday, down 0.02 per cent, to 8,984.4, as the broader All Ordinaries fell 6.2 points, or 0.07 per cent, to 9,281.9.
The local bourse edged above its best ever daily close of 9,019.1 set on August 21 before retreating on Monday, but analysts say the bourse could top this record and its intraday peak some time this week.
In a strong start to the historically positive fourth quarter, investors have shrugged off a partial US government shutdown and delays to key economic data to push Wall Street indices to multiple record highs last week, while hopes of further interest rate cuts sent gold and Bitcoin to fresh peaks.
"Historically, shutdowns fail to dampen investor sentiment," Capital.com market analyst Kyle Rodda said.
"To provide a historical precedent, the S&P 500 rallied more than 10 per cent during the last lock down in 2018/19."
Gold topped $US3,900 ($A5,912) an ounce for the first time early in Monday's session, while Bitcoin spiked to a fresh peak above $US125,700 ($A190.540) on crypto exchange Binance over the weekend.
By lunchtime, six of 11 local sectors were trading higher, as materials, energy and utilities stocks rose more than 0.4 per cent each, and financials faded to flat after a positive start.
Large cap miners BHP and Rio Tinto traded lower, counterbalancing rallies in ASX-listed gold miners as Northern Star and Evolution surged more than 1.6 per cent each and Newmont lifted 1.5 per cent to $132.20.
The rebound in energy stocks came as oil prices rallied after OPEC's flagged November production hikes were ultimately more modest than feared, helping Woodside shares sail 1.1 per cent higher to $23.26.
Australian IT stocks were the worst-performing sector on Monday, sliding 1.3 per cent as major names WiseTech, Xero, Technology One and Life360 sold off, tracking with Friday's weak Nasdaq session.
Health care stocks were also under pressure, falling 0.9 per cent after snapping a six-week losing streak last week.
Outside the top-200, shares in the Brisbane Broncos rocketed more than 32 per cent higher to a record $1.75 after the rugby league club toppled the Melbourne Storm to win the NRL premiership over the weekend.
The Australian dollar is buying 65.97 US cents, roughly on par with Friday evening and recovering from a modest slip over the weekend.
The Aussie opened stronger against the Japanese yen, up more than 1.4 per cent to buy 98.77 yen, after Japan's ruling Liberal Democratic Party elected Sanae Takaichi as leader.Â
Ms Takaichi has flagged a preference to continue an expansionary fiscal policy if she becomes Japan's prime minister.
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