The Australian sharemarket opened slightly higher in quiet trade after the Dow Jones closed out last week at a fresh record high and ahead of tomorrow's federal budget.
At the 10.15am (AEST) official market open the benchmark S&P/ASX200 index added 19.7 points, or 0.36%, at 5,480.5 points, while the broader All Ordinaries index rose 18.2 points, or 0.33%, to 5,460.2 points.
The Dow Jones Industrial Average on Friday advanced 32.37 points, or 0.20%, to 16,583.34, 2.5 points above the previous high on April 30.
Locally, in economic news on Monday, the National Australia Bank's monthly business survey for April is due out.
In Australia, the market on Friday closed lower, despite receiving a lift from the banks in afternoon trade, with a mixed performance in the United States weighing on investors' minds.
The benchmark S&P/ASX200 index was down 17.7 points, or 0.32%, at 5,459.1 points, while the broader All Ordinaries index was down 16.1 points, or 0.30%, to 5,439.8 points.