The Australian share market is expected to jump after it has received positive leads from offshore trading overnight. All three key US indices ended strongly, as well as equities markets in Europe and Asia.

Precious and base metals rose in New York, and benchmark oil went beyond the $US81 barrier.

On the Sydney Futures Exchange, the September share price index contract this morning climbed up 64 points at 4569. The major indices marked gains of about 1 per cent yesterday.

In economics news today, the board of the Reserve Bank of Australia is set to hold its monthly meeting to discuss, among other things, the level of official interest rates. The ruling will be announced at 2.:30pm east-coast time, with many analysts expecting no movement in the cash rate.

The Australian Bureau of Statistics will issue data on retail trade and building approvals, for June, while Commonwealth Bank and the Australian Chamber of Commerce and Industry declare their business expectations survey for the three months to June.

In equities news, earnings season carries on with Navitas and Hills Industries reporting full-year results.

In Sydney, the liquidators' examination of directors of collapsed investment bank Babcock & Brown continues in the Federal Court. A court case between internet provider iiNet and the Australian Federation Against Copyright Theft also goes on.

In Melbourne, Jeremy Cooper, the Head of Cooper review into superannuation, speaks before a Finsia Consumer Finance Symposium, while the Inaugural Australian Microcap Investment Conference takes place.

In Western Australia, the annual Diggers and Dealers Mining Forum continues day two of three in Kalgoorlie.

Yesterday, Australian stocks added more than 1 per cent, with sentiment steered by expectations the Central Bank will keep interest rates at current level during its monthly board meeting today.

Yesterday, the benchmark S&P/ASX200 index finished 48.1 points or 1.07 per cent higher at 4541.6 points. The broader All Ordinaries index ended up 47 points or 1.04 per cent to hit 4554.4 points.