Australian shares are expected to fall at the open on Friday, tracking Wall Street lower on reports that the Biden administration is planning to almost double capital gains tax and raise income taxes on the wealthy.

The local share price index futures fell 0.2%, a 45.4-point discount to the underlying S&P/ASX 200 index close. The benchmark added 0.8 % on Thursday.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index edged higher in early trade on Friday.