Australian shares are set to open higher on Friday, in line with global markets, as strong US economic data solidified hopes of continuing economic recovery, while a rebound in iron ore is expected to boost blue-chip local miners.

The local share price index futures rose 0.8%, a 53.1-point premium to the underlying S&P/ASX 200 index close. The benchmark closed flat on Thursday.

New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 12,277.80 in early trade.