The Australian share market is expected to open higher on the first day of the new financial year.

The SPI200 futures contract was up 18 points, or 0.27 per cent, at 6,577.0 at 0800 AEST, suggesting an early bounce for the benchmark S&P/ASX200 on Monday.

Wall Street finished higher on Friday, with the Dow Jones Industrial Average closing up 0.28 per cent, the S&P 500 up 0.58 per cent and the tech-heavy Nasdaq Composite up 0.48 per cent.

The Aussie dollar is buying 70.31 US cents from 70.14 US cents on Friday.