The Australian sharemarket looks set to open lower following falls in US stocks overnight after initial optimism on Spain's bailout fizzled.

At 5.07am, the June share price index futures contract was down 45 points at 4062.

In economic news, the Australian Bureau of Statistics releases lending finance for April while National Australia Bank's monthly business survey for May is due out, and the NSW government brings down its budget.

In equities news, Woolworths chief executive Grant O'Brien and Kraft Foods Australia and New Zealand president Rebecca Dee-Bradbury are scheduled to address Australia-Israel Chamber of Commerce luncheon in Sydney

On Friday, the local bourse closed lower as investors fretted over comments made by the head of the US central bank over the risk that the troubled euro zone posed to the US economy.

The benchmark S&P/ASX200 index fell 44.9 points, or 1.09 per cent, to 4063.7 points, while the broader All Ordinaries index dropped 45.5 points, or 1.09 per cent, to 4111.2 points.