The Australian share market has opened more than one per cent higher.

At 1013 AEST on Friday, the benchmark S&P/ASX200 index was up 54.7 points, or 1.16 per cent, at 4,750.5, while the broader All Ordinaries index was up 51.5 points, or 1.10 per cent, at 4,736.4.

On the ASX 24, the June share price index futures contract was up 66 points at 4,750, with 14,941 contracts traded.