Australian shares are set to rise at Monday's open following a strong Wall Street session on Friday, while an expected rise in bullion and oil prices is likely to aid the sentiment further.

The local share price index futures rose 0.2%, a 12.5-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.4% on Friday.

New Zealand's benchmark S&P/NZX 50 index fell 0.1% to 12,832.05 in early trade.