The Australian share market was driven marginally higher by the big four banks and miners.

But smaller banks lost ground amid expectations they will be hardest hit by the federal government's banking reforms, unveiled on Sunday.

The benchmark S&P/ASX200 index was up 11.2 points, or 0.24 per cent, at 4,757.1 points, while the broader All Ordinaries index also rose 11.2 points, or 0.23 per cent, to 4,841.2 points.

On the ASX 24, the December share price index futures contract was up three points at 4,762 points, with 51,847 contracts traded.

Westpac was the best performer among the major banks, up 33 cents, or 1.46 per cent, at $22.90.

ANZ gained 27 cents, or 1.13 per cent, to $24.10, Commonwealth was up 61 cents, or 1.21 per cent, at $51.20 and National Australia Bank put on 35 cents, or 1.45 per cent, to $24.57.

Bank of Queensland finished down 40 cents, or 3.52 per cent, at $10.97 while Bendigo and Adelaide Bank gave up 34 cents, or 3.32 per cent, to $9.91.

These stocks were the worst and second worst performers, respectively, on the S&P/ASX 100 index.

The best performing stock on the S&P/ASX 100 index was mining contractor Boart Longyear, up 14 cents, or 3.27 per cent, at $4.42.

Rio Tinto was up 41 cents at $87.77 and BHP Billiton was steady at $45.44.

Fortescue appreciated 12 cents, or 1.83 per cent, to $6.66 after announcing it had priced $US1.5 billion of unsecured notes in two tranches.

A weaker gold price saw Newcrest Mining's shares fall 11 cents to $40.13.

The spot price of gold in Sydney was $1,386.80 per fine ounce, down $4.55 from Friday's closing price of $1,391.35.

In the headlines on Monday, receivers have been appointed to Pike River Coal almost a month after a gas explosion at its mine near Greymouth, New Zealand killed 29 miners, prompting the suspension of operations.

Shares in New Zealand Oil and Gas finished flat at 68 cents.

Tabcorp Holdings says it has done a deal with the Queensland government to boost its expansion plan budget in the state to $625 million in return for more gaming machines and tables.

Shares in Tabcorp Holdings eased seven cents to $7.12.

Fairfax Media said it had purchased Australian and New Zealand focused tendering website TenderLink for $NZ21.6 million.

Fairfax was down half a cent at $1.41.

Among other media stocks, Ten Network was down 1.5 cents at $1.46, News Corp was up 12 cents at $16.51, its non-voting scrip was 17 cents firmer at $14.72 and Consolidated Media was three cents stronger at $3.18.

Gas processing focused-MEO Australia was the most traded stock by volume, with 143.13 million shares worth $32.13 million changing hands.

Shares in the company plunged 28 cents, or 55.45 per cent, to 22.5 cents after it announced a drilling program had not found hydrocarbons.

Preliminary market turnover was 2.63 billion shares worth $4.55 billion, with 565 stocks up, 571 down and 392 unchanged.

The Australian dollar traded in a narrow range Monday as currency traders treaded lightly ahead of a key central bank meeting in the U.S. in the coming days.

Australian bonds sold off on the day, following similar moves in other government bonds globally.

With the Federal Reserve set to start a two day policy meeting on Tuesday, currency markets were relatively quiet in Asian trading Monday.

While sentiment in the region was helped by Wall Street's gains Friday as data showed U.S. consumers were more upbeat on the economic outlook in early December while U.S. exports in October surged to their highest levels in more than two years, neither report translated into a major currency move.

The Australian dollar traded at $0.9851, up slightly from $0.9850 late Friday.

Against the Japanese yen, the currency traded at 82.87, up from 82.435