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The Australian share market looks set to open markedly higher after expectations that the US tax reform bill will be passed this week boosted Wall Street equities.

At 0700 AEDT on Tuesday, the share price futures index was up 28 points, or 0.46 per cent, at 6,069.

More US Republicans have said they expect Congress to pass the tax bill this week, with a Senate vote set for Tuesday and President Donald Trump expected to sign the bill into law by the end of the week.

The tax reform package will cut corporate tax rates to 21 per cent from 35 per cent, which investors expect will boost profits as well as trigger share buybacks and higher dividend payouts.

In late afternoon trade, the Dow Jones Industrial Average was up 0.62 per cent, the S&P 500 was up 0.66 per cent, and the Nasdaq Composite was up 0.84 per cent.

Locally, in economic news on Tuesday, the Reserve Bank of Australia releases the minutes of its December board meeting.

The ANZ-Roy Morgan Consumer Confidence weekly survey is due out.

In equities news, ANZ has its annual general meeting scheduled for Sydney.

The Australian market on Monday closed at new post-GFC highs, with gains across the board led by takeover-talk and the big ticket miners and bankers.

The benchmark S&P/ASX200 index rose 41.9 points, or 0.7 per cent, to 6,038.9 points.

The broader All Ordinaries index lifted 42.9 points, or 0.7 per cent, to 6,130.0 points.

Meanwhile, the Australian dollar has crept higher against the US dollar which has weakened, with the US dollar index 0.3 per cent lower overnight.

The local currency was trading at 76.67 US cents at 0700 AEDT on Tuesday, from 76.61 on Monday.

CURRENCY SNAPSHOT AT 0700 AEDT:

One Australian dollar buys:

* 76.67 US cents, from 76.61 on Monday

* 86.29 Japanese yen, from 86.31 yen

* 65.06 euro cents, from 65.14 euro cents

* 57.28 British pence, from 57.08 pence

* 109.58 NZ cents, from 109.28 cents

GOLD:

The spot price of gold in Sydney at 0700 AEDT was $US1,261.27 per fine ounce, from $US1,256.01 per fine ounce on Monday.

BOND SNAPSHOT AT 0700 AEDT:

* CGS 4.50 per cent April 2020, 1.9538pct, unchanged

* CGS 4.75pct April 2027, 2.4981pct, unchanged

Sydney Futures Exchange prices:

* December 2017 10-year bond futures contract at 97.415 (implying a yield of 2.585pct), from 97.435 (implying a yield of 2.565pct) on Monday

* December 2017 3-year bond futures contract at 97.895 (2.105pct), from 97.900 (2.100pct).

(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)