Local share price index futures were up 0.3 percent at 5422, a 19.7-point premium to the underlying S&P/ASX 200 index. The S&P/ASX 200 index rose 0.5 percent to 5,383.1 on Friday.
New Zealand's benchmark NZX 50 index added 0.78 percent to 5333.83 in early trade.
The gains came after US stocks finished a strong week of gains, helped by earnings from Microsoft and Procter & Gamble and as concerns eased over the possible spread of the deadly Ebola virus in the United States.
On Friday, the Dow Jones industrial average rose 127.51 points, or 0.76 percent, to 16,805.41, the S&P 500 gained 13.76 points, or 0.71 percent, to 1,964.58 and the Nasdaq Composite added 30.92 points, or 0.69 percent, to 4,483.72.
But Australian gains were likely to be subdued after commodities prices fell on global markets. Gold futures slid and copper prices traded flat after a fifth straight month of declines in Chinese house prices, while oil also pared advances made last week.
Investors were also expected to tread cautiously ahead of the US Fed meeting on Tuesday and Wednesday. The central bank
was expected to decide if it will end its program of buying treasuries and mortgage bonds to stimulate the economy.