Australian shares are set to open higher on Monday taking cues from a strong Wall Street rally on Friday, while firmer commodity prices may lift energy and mining stocks.

The local share price index futures rose 0.7%, a 5.5-point discount to the underlying S&P/ASX 200 index close.

The benchmark fell 2% to end at 7,185.5 on Friday.

New Zealand's benchmark S&P/NZX 50 index rose 0.12% to 13,294.3 in early trade.