Australian shares are likely to open in the red on Tuesday as COVID-19 infections continue to spike in the state of Victoria, while investors await the country's central bank decision on the cash rate later in the day.

The local share price index futures fell 0.4% to a 29.6-point discount to the underlying S&P/ASX 200 index close. The benchmark had fallen 0.2% on Monday.

In New Zealand, the benchmark S&P/NZX 50 index inched up 0.2% to 12,341.83 points in early trade.

Analysts expect the Reserve Bank of Australia to reaffirm its guidance of a cash rate remaining at record lows "until 2024 at the earliest".