Local share price index futures fell to 4,961, a 19.1 point discount to the underlying S&P/ASX 200 index close.

New Zealand's benchmark NZX 50 index rose 2.2 points to 4,172.61 in early trade.

In New York, the S&P 500 posted its worst 2-day loss since November.

Copper slid to its weakest in nearly two months on Thursday on worries about a lack of demand from top consumer China and slow growth in Europe. Oil fell 1 percent.

RBA Governor Glenn Stevens appears before the House of Representatives Standing Committee on Economics on Friday, answering questions about the economy and policy.

Oil and gas producer Santos reported a 34 percent rise in annual profit after lifting gas production and said its major LNG development projects remained on track.