Australian shares were flat on Friday, despite a tech-driven rally on Wall Street, amid concerns around inflation.

The S&P/ASX 200 Index was little changed to close at 8,731.20.

Overnight on Wall Street, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.1%, 1.7%, and 0.6%, respectively.

Brent crude oil futures ​declined to trade around $104 per barrel as Saudi Arabia reportedly sought to return about half the capacity of its closed East-West oil pipeline.

On the domestic front, developments over the last month or so indicate that some upside risks to inflation are materializing despite slowing growth in the Australian economy, Reserve Bank of Australia (RBA) Governor Michele Bullock said.

"I recognize that higher interest rates are difficult for Australians with mortgages who are also facing cost-of-living pressures," Bullock said. "But reducing inflation is essential."

In company news, MAAS Group Holdings (ASX:MGH) said the Australian Treasurer, through the Foreign Investment Review Board (FIRB), provided a notice of no objection to the proposed sale of its construction materials business to Heidelberg Materials Australia. The company's shares closed up over 12%.

Abacus Group (ASX:ABG) agreed to sell a 19.6% interest in Storage King Group (ASX:SKG), with total gross proceeds to be received of AU$284.8 million, because the investment was no longer considered "core to the Group's long-term strategy."

Lastly, Macmahon Holdings (ASX:MAH) executed a share purchase agreement to acquire 100% of the engineering and project delivery business, Aspect Engineering Solutions, and associated subsidiaries. The consideration will be paid over five years, including an initial upfront cash payment of AU$30 million on completion.