The Australian share market is set to continue its strong run on Friday, with Wall Street higher as investors wait for a resolution to budget talks in the US.

At 0658 AEDT the December share price index futures contract was up 14 points at 4,623.

With no economic news scheduled for release on Friday, trading volumes on the local market are expected to be light.

The market continued to rise on Thursday, hitting new highs for 2012.

The benchmark S&P/ASX200 index added 16.3 points, or 0.35 per cent, to 4,634.1, while the broader All Ordinaries index gained 13.4 points, or 0.29 per cent, to 4,646.6.