Australian shares were flat on Monday's close as investors weighed in on the impact of US President-elect Donald Trump's policies on future rate cuts.

The S&P/ASX 200 Index changed little to close at 8,300.2.

The earlier rally enjoyed by US stocks stumbled as investors mulled over renewed inflation worries and the impact of Trump's policies on the next Federal Reserve meeting in December.

The benchmark US 10-year yield reached its highest level in more than five months on Friday, "a potentially unwelcome development for stocks," Reuters said.

In company news, The Australian Securities and Investments Commission (ASIC) sued National Australia Bank (ASX:NAB) and subsidiary AFSH Nominees over their alleged failure to respond to financially distressed customers' appeals.

Elders (ASX:ELD) reported earnings of AU$0.286 per share for the year ended Sept. 30, a decline from AU$0.644 per share in the year-earlier period, Analysts polled by Visible Alpha expected EPS of AU$0.391.

Life360 (ASX:360) co-founder and Chief Executive Chris Hulls sold 863,903 shares in the technology platform, equivalent to 1.2% of total outstanding shares in the company. Life360's shares were down almost 7% on market close.