Australian shares are set to extend gains for the fourth straight session on Friday, riding a wave of optimism fueled by a rally on Wall Street overnight and strong commodity prices.

The local share price index futures rose 0.2%, a 23.9-point premium to the underlying S&P/ASX 200 index close.

The benchmark on Thursday closed within 1.5% of its all-time high in late-February last year.

New Zealand's benchmark S&P/NZX 50 index rose 0.48% to 12697.29 points in early trade.