Australian sharemarket preview

THE Australian market looks set to open higher, bucking the overnight trend of Wall Street. At 6.30am (AEST) today, the December share price index futures contract was up 14 points at 4020. In economic news today, the Federal Government releases its final Budget outcome. Lower than expected tax receipts from wages and companies is set to cut $2 billion in revenue from the 2010/11 Federal Budget compared to forecast five months ago. In equities news, Cape Lambert Iron Ore Ltd and Sundance Resources Ltd are expected to post full year results. In Australia, the market yesterday closed almost one per cent lower, after making back some of the day's losses, with investors worried about a critical German vote on the EU's rescue fund. The benchmark S&P/ASX200 index fell 31.2 points, or 0.77 per cent, to close at 4008.3 on Thursday, while the broader All Ordinaries index lost 29.8 points, or 0.73 per cent, to 4067.9