The Australian share market has opened a third of a per cent higher.

At 1010 AEDT on Monday, the benchmark S&P/ASX200 index was 16.9 points, or 0.34 per cent, at 5,035.0, while the broader All Ordinaries index was up 16.2 points, or 0.32 per cent, at 5,052.9.

On the ASX 24, the March share price index futures contract was up 22 points at 5,015, with 8,624 contracts traded.