Australian shares are set to open higher on Friday, taking cues from a strong overnight session on Wall Street, as the new quarter in the U.S began with upbeat economic data and a broad-based rally.

The local share price index futures rose 0.3%, a 60.6-point discount to the underlying S&P/ASX 200 index close.

The benchmark closed at its lowest level in more than two weeks on Thursday.

New Zealand's benchmark S&P/NZX 50 index rose 0.1% in early trading.