The Australian share market has closed higher ahead of the Reserve Bank’s decision on whether to cut the official interest rate, already at a record low.

At the close on Monday, the benchmark S&P/ASX200 index was 37.0 points, or 0.66 per cent, higher at 5,625.3, while the broader All Ordinaries index was up 34.9 points, or 0.63 per cent, at 5,586.5, according to preliminary figures.

On the ASX 24, the March share price index futures contract was 31 points higher at 5,573, with 25,766 contracts traded.