Economists expect Wednesday's consumer price index to jump by 1.6 per cent in the quarter as a result of free child care scheme during the national COVID-19 lockdown being reversed and a rebound in fuel prices.

Inflation fell 1.9 per cent in the June quarter, the largest drop in the 74-year history of the CPI, as a result of free child care being introduced and falling petrol prices.

The expected inflation rebound would still leave the annual rate of inflation at around 0.7 per cent, well below the RBA's two-three per cent inflation target.

The annual rate fell to minus 0.3 per cent in the year to June.

AMP Capital chief economist Shane Oliver expects the interest-rate policy sensitive underlying inflation rate - which smooths out volatile price swings - will remain subdued, rising 0.2 per cent in the quarter and just 1.1 per cent annually.

"The RBA will of course look through the predictable volatility in headline inflation and remain focused on the weakness in underlying inflation," he said.

Economists expect the central bank to cut the cash rate to 0.10 per cent from 0.25 per cent when its board meets on November 3 following recent commentary by RBA governor Philip Lowe and other officials.

In a recent speech Dr Lowe said he wants to see inflation actually within the target band before any consideration will be given to lifting interest rates, rather than relying on forecasts.

Treasury boss Steven Kennedy can be expected to quizzed on his department's economic forecasts contained in this month's federal budget when he faces a Senate Estimates hearing on Monday.

Australian shares look set for a modest gain at Monday's opening, aided by key indices on Wall Street closing above their initial lows on Friday.

The US market continues to keep an eye on the ongoing negotiations in Washington over more economic aid for the pandemic-stricken economy and the ever-nearing US Presidential election next month.

Nigel Green, CEO of independent financial advisory firm deVere, believes stock markets are already pricing in a Joe Biden win.

He said investors have been piling into renewables, industrials and other sectors that could benefit from Joe Biden sweeping into power.

"Conventional wisdom suggests a Democratic win would be negative for markets due to higher taxes, more regulation, and higher spending amongst other things," Mr Green said in a statement.

"But there's nothing conventional this time around."

The S&P 500 rose 0.3 per cent to 3,465.39, the Dow Jones Industrial Average eased or 0.1 per cent to 28,335.57 and the Nasdaq composite gained 0.4 per cent.

Australian stock futures were trading 0.3 per cent higher at 6179.

On Friday, the S&P/ASX200 benchmark index fell 0.1 per cent.

Australian Associated Press