SYDNEY: Australian shares are likely to fall for a fifth straight session on Monday as investors mull a plunging oil price, Chinese economic slowing, and what is expected to be a wider than expected forecast domestic budget deficit.

In a mid-year review, Australian Treasurer Joe Hockey is expected to reveal that the budget deficit for the year to June 30, 2015 will blow out by about A$5 billion ($4.2 billion) to nearly A$35 billion.

Hockey is expected to announce measures to cushion an economy facing its worst decline in terms of trade in more than half a century, including large cuts to services and spending.

At 2208 GMT, the local share price index futures was down 63 points to 5152.0, a 1.3 percent discount to the underlying S&P/ASX 200 index close.

The benchmark on Friday lost 11.4 points to 5,219.57, putting it at a 2.5 percent discount to its Dec. 30, 2013 close.

New Zealand's benchmark NZX 50 index fell 0.7 percent or 39.1 points to 5475.86 in early trade.

Copyright Reuters, 2014