The Australian market is expected to open lower this morning after US stocks fell on Friday amid pessimism that US politicians will cut a budget deal to prevent America from falling into recession.

The ASX 24, the June share price index futures contract finshed the week 22 points lower at 4624 points.

On Friday, Australia's benchmark S&P/ASX200 index was 23.3 points, or 0.5 per cent, higher at 4671.3 points, while the broader All Ordinaries index was up 23.9 points, or 0.51 per cent, at 4685.3 points.

Trading volumes are set to be low on the last trading day of the year for the Australian stock exchange.