Australian shares are expected to dip when trading resumes this week, with investors feeling cautious as the market teeters near record highs.

The SPI200 futures contract was down 17 points, or 0.24 per cent, at 7049 at 0800 AEDT on Monday.

The benchmark S&P/ASX200 index finished Friday up 27 points, or 0.38 per cent, to 7,130.2, just under the all-time record close of 7,132.7.

The broader All Ordinaries index added 22.5 points, or 0.31 per cent, to finish at 7,227.1. US markets ended mixed.

CommSec chief economist Craig James says Monday’s expected weaker start is likely due to investors playing it safe.

“Investors do get a little bit cautious, when you’re at these fairly lofty levels,” he said.

“You’re always looking for the environment to confirm whether the valuations are fair or not.”

Investors will be eyeing the financial results of Altium, Bendigo & Adelaide Bank, Brambles and QBE on Monday as they report to the market.

They will be waiting to see later this week the RBA’s monetary policy minutes and Australian wage growth and jobs data.

The Australian dollar was trading at 67.24 US cents at 0800 AEDT on Monday, up fro 67.18 US on Friday as the market closed.