The Australian market is expected to open high despite falls on Wall Street as progress on US budget negotiations continue to dominate financial markets.

At 0710 AEDT on the ASX 24, the March share price index futures contract was up eight points at 4,636 points.

On Thursday, the benchmark S&P/ASX200 index gained 12.8 points, or 0.28 per cent, to 4,648, its highest closing level since July 8, 2011.

The broader All Ordinaries index added 15.8 points, or 0.34 per cent, to 4,661.4, its highest since July 22, 2011.

Trading volumes are set to be low on one of the three trading days between Christmas and New Year’s Day.