The Reserve Bank of Australia is set to meet later in the day for its monthly policy meeting where it is widely expected to cut the benchmark cash rate by 25 basis points, bringing it to a record low of 1.0pc.

The Aussie share price index futures rose 0.3pc or 21 points, a 40.1-point discount to the underlying S&P/ASX 200 index close.

The benchmark rose 0.4pc on Monday.

New Zealand's benchmark S&P/NZX 50 index firmed 0.2pc in early trade.