Australian shares are set to open flat on Friday, with a loss in local miners due to tumbling iron ore prices expected to offset positive cues from a rally in US stocks overnight.

The local share price index futures were marginally up 0.04%, a 88.1-point discount to the underlying S&P/ASX 200 index close.

The benchmark ended at a record high for the second straight session on Thursday.

Australian shares hit record high on economic growth cheer

New Zealand's benchmark S&P/NZX 50 index rose slightly, up 0.07% at 12,762.97 points in early trade.