The central bank is considered certain to hold rates steady for a 16 straight month at a record low of 2.5 percent but could again note the Aussie was high by most valuations.
The Australian dollar waiting anxiously at $0.8480, having dropped to a fresh four-year low of $0.8417 on Monday. Hourly support was found at $0.8475.
It got some relief after data showed building approvals shot up 11.4 percent in October, versus forecasts of 5 percent.
Also helping was that net exports made a healthy contribution to economic growth last quarter, setting the scene for a solid GDP report due out on Wednesday.
There was some notable action in government bonds as the spread between US and Australia 10-year yields dropped below 80 basis points overnight for the first time since 2006.
It was last at 86 basis points. Australian government bond futures fell but remained near two-year highs.
The three-year bond contract shed 3 ticks to 97.620. The 10-year contract eased 8.5 ticks to 96.895 in a bearish steepening of the curve.
The New Zealand dollar traded at $0.7875, after a recovery in global oil prices prompted short covering in the commodity-linked currency, lifting it from a low of $0.7777. The kiwi outperformed against the Aussie, which plumbed a 4-1/2-month low of NZ$1.0755.
It also pushed up to 93.45 yen, approaching a five-year high around 93.70 yen hit last month.
Yet it may face downward pressure if global dairy prices fall at a fortnightly auction later in the day.
Prices for New Zealand's biggest export earner have dropped to a five-year low, having lost roughly 50 percent of their value so far this year due to increased global supply.
A further easing will likely prompt dairy co-operative Fonterra to cut the price it expects to pay its farmers, in a blow to national income.
New Zealand government bonds slipped, pushing yields 3 basis points higher at the longer end.