The Australian share market has closed higher as investors observe negotiations in the United States to avoid the “fiscal cliff” of tax hikes and spending cuts.

At the close on Thursday, the benchmark S&P/ASX200 index was 16.3 points, or 0.35 per cent higher at 4,634.1, while the broader All Ordinaries index was up 13.4 points, or 0.29 per cent, at 4,646.6.

On the ASX 24, the March share price index futures contract was nine points higher at 4,612, with 33,798 contracts traded.