The markets are awaiting for crucial data and profit numbers from Australia's two major banks when the bourse reopen after the long weekend Anzac Day.

The Australian Bureau of Statistics is set to release key inflation data and the March quarter consumer price index (CPI) on Wednesday. The data is likely to have a major effect on the Reserve Bank of Australia's decision whether to increase interest rates at next month's board meeting.

The ANZ Banking Group is scheduled to publish its result on Thursday, while the Macquarie Group Ltd will release its full-year earnings on Friday.

On Tuesday, the Federal Court will issue its decision on the merger between Seven Network and Kerry Stokes's private moving equipment firm WesTrac.

Many analysts are bullish on the Australian bourse when it reopens on Tuesday on the back of strong showing on Wall Street and the steady commodities prices during Friday nights' (AEST) offshore session.

A survey made by AAP on 13 economists on Friday predicted headline CPI, the main index for inflation, to jump 0.8 percent in the first three months of the year, for an annual pace of 2.8 percent.

It was estimated that the underlying CPI will increase to 0.7 percent in the quarter and 3.0 percent year-to-date.

Shane Oliver, chief economist at AMP Investors said the figures points to a rise in interest rates in May.

He said it will likely push for a more aggressive move on interest rates, probably in June, unless a worse-than-expected scenario would be revealed on Wednesday.