Oct 11 (Reuters) - Australian shares rose on Wednesday led by mining and lithium stocks, buoyed by overnight Wall Street gains after dovish comments from U.S. Federal Reserve officials subsided risks over further interest rate hikes.

The S&P/ASX 200 index gained 0.5% to 7076.7 by 2354 GMT and was set for its fifth straight session of gains.

The benchmark closed 1% higher on Tuesday.

Qantas Airways rose as much as 2.2% after Chairman Richard Goyder announced an exit from the flag carrier amid growing calls from a number of unhappy investors as the airline faced both legal and regulatory concerns.

Wall Street settled higher on Tuesday as dovish comments from Fed officials subsided investor caution on further rate hike.

However, investors remained cautious amid the military conflict in the Middle East.

In Sydney, heavyweight mining stocks were top gainers on the benchmark index, rising 1.4%, as investors expected more stimulus measures from China to support the economy.

Mining behemoth Rio Tinto led the gains on the sub-index, jumping 2.4%, with BHP Group and Fortescue rising 1.5% and 2.0%, respectively.

Lithium stocks gained as well, with sector majors Pilbara Minerals rising 2.8% and Mineral Resources adding 1.8%.

Energy stocks also appreciated 0.2%, with oil and gas giants Woodside and Santos adding 0.1% and 0.5%, respectively despite lower oil prices.

Gold stocks emerged as the only laggard on the benchmark, dragging 0.2%, with sector leader Northern Star Resources falling 0.4%.

Bank of Queensland fell as much as 4.7% after the small-cap lender reported lower annual profit coupled with a dismal outlook.

The New Zealand benchmark S&P/NZX 50 index was trading flat at 11294.5.

(Reporting by Manvi Pant in Bengaluru; Editing by Rashmi Aich)