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The Australian share market is expected to open higher after gains on Wall Street overnight.

The SPI200 futures contract was up 21 points, or 0.32 per cent, at 6,608.0 at 0700 AEST, suggesting a positive start for the benchmark S&P/ASX200 on Tuesday.

Wall Street finished higher, with the Dow Jones Industrial Average closing up 0.44 per cent, the S&P 500 up 0.77 per cent and the tech-heavy Nasdaq Composite up 1.06 per cent.

The Reserve Bank of Australia will announce its decision on monetary policy at 1430 AEST on Tuesday, with many investors anticipating another cut in the interest rate to a new low.

The Aussie dollar is buying 69.65 US cents from 69.94 US cents on Monday.