The Australian share market opened flat on Monday.

At 10:10 a.m. local time (AEST), the benchmark S&P/ASX200 index was up just 2 points, or 0.04 percent, at 5,001.4, while the broader All Ordinaries index was up 2.3 points, or also 0.04 percent, at 5,076.1.

While U.S. influences have been the main driver of Australian markets of late, the focus returns to Australia this week, with retail sales on Monday and the Reserve Bank of Australia (RBA) meeting on Tuesday, National Australia Bank's Global Co-Head of FX Strategy Ray Attrill said on Monday.

"There's particularly keen interest in what if anything the RBA has to say about the currency in Glenn Stevens' post meeting statement on Tuesday, alongside what is universally expected to be an unchanged Cash Rate decision," Attrill said.

IG market strategist Evan Lucas also noted oil has been a particularly interesting trade in 2016 for its volatility, its fundamentals and its 'impact on global growth', which has made it a key contract in any strategy.

At the open, ANZ was flat, the Commonwealth Bank of Australia gained 0.03 percent, the National Australia Bank was up 2.33 percent, and Westpac was down 0.47 percent.

Rio Tinto fell 0.09 percent, while BHP Billiton lost 1.71 percent. Woodside was also down 0.58 percent.