The Australian share market looks set to open higher on Monday with positive leads from Wall Street where stocks were lifted on the back of US job figures.
AMP Capital's chief economist Shane Oliver is tipping the local market to open 27 points higher on Monday, thanks to Friday's "softer than expected" numbers.
"The market didn't really worry about it too much, it didn't have a negative effect," Dr Oliver told AAP.
"It probably sets up a positive lead for our share market because US shares rallied on the view that while the feds are probably going to continue raising rates, it is going to be fairly benign in the process."
Australian stocks ended the week on a high on Friday, posting their best day since March thanks to strong overseas markets and a lift in the bank and mining sectors.
Both the ASX 200 and the broader All Ordinaries index were up between 0.8 and 0.9 per cent, finishing the Friday's trade at 5788.1 points and 5821.1 points respectively.
While the US faces a scant calendar this week, significant economic data is due out of Australia.
Investors will be keenly observing the Reserve Bank's board meeting on Tuesday, which is likely to leave interest rates unchanged, according to Dr Oliver.
"Their statement is going to be watched very closely for any signs of concerns on the growth outlook because we have seen some softer economic indicators lately particularly regarding the Australian consumer," he said.
Wednesday's GDP figures for the March quarter are at risk of dipping into negative territory again, with a market consensus predicting a 0.3 per cent forecast.
"There is a risk we might get a negative number, in other words, the economy may have gone backwards in the March quarter," Dr Oliver said.
"It is not necessarily the end of the world but it would be the second decline in the economy in three quarters."
He said data to be released on Monday and Tuesday regarding profits and inventories in the economy, public demands and net exports and trades will help economists firm up their expectations of the GDP figure.
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