Australia shares are set for a negative start to the week, likely tracking a subdued session at Wall Street on Friday as sentiment continues to be strained by fears of interest rate hikes by the US and peaking Omicron infections.

The local share price index futures were largely unchanged, but at a 102.3-point discount to the underlying S&P/ASX 200 index close.

The benchmark climbed 1.3% on Friday.

New Zealand's benchmark S&P/NZX 50 index rose 0.1% to 12,988.38 points in early trade.