The Australian share market has closed higher ahead of the federal budget to be handed down on Tuesday night.

At the close on Tuesday, the benchmark S&P/ASX200 index was 49.5 points, or 0.88 per cent, higher at 5,674.7, while the broader All Ordinaries index was up 45.5 points, or 0.81 per cent, at 5,673.1, according to preliminary figures.

On the ASX 24, the June share price index futures contract was 95 points higher at 5,670, with 30,159 contracts traded.