Australian shares were flat on Monday's close tracking Asian markets as investors await a key economic report later in the week.

The S&P/ASX 200 Index changed little to close at 8,257.4.

Investors are keeping an eye out for Friday's US December payrolls report, where analysts expect unemployment to hold at 4.2%, Reuters reported.

The report said that "anything upbeat" may support the US Federal Reserve's case for fewer rate cuts within the year.

In corporate news, Insignia Financial (ASX:IFL) received a confidential, non-binding, and indicative takeover proposal via a scheme of arrangement from CC Capital Partners priced at AU$4.30 cash per share. Shares of the investment advice company rallied 15% at market close.

Norges Bank Investment Management acquired Canada Pension Plan Investment Board's 45% interest in Goodman Group's (ASX:GMG) Goodman North American Partnership (GNAP). Shares of Goodman Group rose nearly 2% at market close.