The latest retail sales data will be watched keenly following a hot inflation print that darkened hopes of a near-term rate cut.
Fresh retail sales data from the Australian Bureau of Statistics for the month of May is scheduled for release on Wednesday.
In April, the statistics bureau recorded lacklustre 0.1 per cent lift in retail sales, which was a little below expectations and not nearly enough to unwind a 0.4 per cent fall in March.
CommSec senior economist Ryan Felsman said higher interest rates and ongoing price pressures have been weighing on household budgets.
"Cautious consumers have reduced their discretionary spending so far in 2024 and this trend is expected to continue in May," he said.
The consumer sector remains a source of uncertainty for the Reserve Bank of Australia as it grapples with the challenging final stretch to return inflation to target.
It left interest rates on hold at 4.35 per cent at the last meeting, where the cash rate had been since November.
On Tuesday, the minutes from the June interest rate meeting will be released and is expected to show a discussion of either a hike or a hold, as Governor Michele Bullock has already revealed.
Yet since that meeting, monthly inflation data came in stronger-than-expected, sparking speculation interest rates may need to go higher or stay where they are for longer.
Home price numbers for June are also set to be released by real estate data firm CoreLogic on Monday.
Another 0.8 per cent gain in national home values was logged in May, marking the sixteenth month of growth.
Other key data releases include Melbourne Institute's inflation gauge on Monday and building approvals for May, scheduled for release by the ABS on Wednesday.
Local investors will absorb a weak finish to the week on Wall Street following fresh inflation data and political uncertainty after the US presidential debate.
The Dow Jones Industrial Average fell 41.12 points, or 0.11 per cent, to 39,122.94 and the S&P 500 lost 22.57 points, or 0.41 per cent, at 5,460.30.
The Nasdaq Composite dropped 126.08 points, or 0.71 per cent, to 17,732.60.
Australian share futures fell 35 points, or 0.4 per cent, to 7737.
The benchmark S&P/ASX200 index finished Friday up 7.9 points, or 0.1 per cent, to 7,767.5, while the broader All Ordinaries gained 11 points, or 0.14 per cent, to 8,013.8.
