The Australian share market is tipped for a flat start ahead of Tuesday's federal budget. Source: AAP
THE Australian share market is tipped for a flat start ahead of Tuesday's federal budget.
CommSec chief economist Craig James says the futures market is pointing to no change at all at the local open.
"I suppose when you weigh up all the factors, it tends to make sense," he told AAP.
"The US share markets were higher but European markets were lower and we have had declines in the oil price, gold price and the iron ore price as well as quite a number of the base metal prices."
The Abbott government will deliver its first budget on Tuesday, ending the intense speculation around spending cuts and a debt levy.
Mr James said investors would be watching closely in case the government took significant dollars out of the economy and prompted the Reserve Bank of Australia to cut interest rates.
"I suppose the good news is once the budget is out of the road, all the speculation will stop and we can focus on the measures and how they are going to affect the economy," he said.
Mr James said investors could be encouraged by the continuing rise in US share markets but the volatile situation in Ukraine was still on the radar.
Back home, the National Australia Bank's monthly business survey for April will be released on Monday followed by Australian Bureau of Statistics housing finance data on Tuesday.
As for the Australian dollar, which was trading at 93.56 US cents on Friday, Mr James tipped little change.
Late on Thursday night, the Australian dollar peaked at 93.96 US cents, the highest since early November, helped by strong local jobs figures and Chinese trade data.
At the close on Friday, the benchmark S&P/ASX200 index was 17.7 points, or 0.32 per cent, lower at 5,459.1 and the broader All Ordinaries index was down 16.1 points, or 0.30 per cent, at 5,439.8.
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