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By Shivangi Lahiri

May 16 (Reuters) - Miners lifted Australian shares higher on Friday, while banks ended little changed ahead of the local central bank's policy meeting next week, when it is expected to cut interest rates.

The S&P/ASX 200 index .AXJO rose 0.6% to close at 8,343.70. The benchmark retreated from a nearly three-month high of 8,398.2, hit earlier in the session.

Markets are expecting the Reserve Bank of Australia $(RBA)$ to cut its key rate by 25 basis points on May 20 and twice more this year, according to a Reuters poll.

The ANZ Group ANZ.AX "lessened their conviction" for an RBA easing next week, while still wagering the cut to happen.

Markets are now focused on the RBA governor's comments to maintain a similar degree of hawkishness as delivered in February, with an "extra nod" to global uncertainties, according to Westpac WBC.AX.

Financial stocks .AXFJ ended flat, after falling 0.2% in the session. ANZ, one of the "Big Four" banks, slipped 0.3% to put a lid on gains made by Westpac and the National Australia Bank NAB.AX.

On the other hand, miners .AXMM rose 1.5%, as iron ore prices were headed for a weekly gain on a trade truce between the United States and China. IRONORE/

BHP Group BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX advanced between 0.9% and 1.4%.

In company news, online travel agency Webjet Group WJL.AX added 2.3% on rejecting a controlling stake bid of A$314 million ($201.8 million) from a private equity firm, BGH Capital.

New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.7% to finish at 12,786.79.

A survey by the Reserve Bank of New Zealand showed second-quarter inflation is estimated to have risen to a one-year high in April, as markets anticipate a rate cut from the central bank on May 28.

($1 = A$1.5562)

(Reporting by Shivangi Lahiri in Bengaluru; Editing by Sumana Nandy)

((shivangi.lahiri@thomsonreuters.com))

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