THE Australian market looks set to open higher after the Bank of England cut interest rates and revived a bond-buying program to cushion the economic blow from Britain's June 23 vote to leave the European Union.

The SPI is trading at 5445, up 10 points.

Locally, in economic news investors will be keenly watching the Reserve Bank of Australia's statement on monetary policy after the central bank on Tuesday cut the cash rate to a record low of 1.5 per cent.

The Australian Industry Group/Housing Industry Association performance of construction index for July is also later in the day.

In equities news, Virgin Australia will detail full year results, while Qantas chief executive Alan Joyce will speak at the CAPA Summit in Brisbane.

Key Numbers

• The SPI is trading at 5445, up 10 points.
• AUD at 76.26 US cents, 77.20 Japanese yen, 68.55 Euro cents and 58.14 British pence
• On Wall St, Dow flat, S&P 500 flat, Nasdaq +0.2%
• In Europe, Stoxx 50 +0.7%, FTSE +1.6%, CAC +0.6%, DAX +0.6%
• Spot gold +0.3% to $US1361.70 an ounce
• Brent crude +2.7% to $US44.25 a barrel
• Iron ore -3.5% to $US59.50 a tonne

What’s on today

Virgin Australia full-year results, RBA statement on monetary policy.

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