Australian shares are expected to open higher Friday after the Reserve Bank of Australia signalled it is ready to adjust policy amid ongoing fallout from Trump-era tariffs.

In a panel discussion, Reserve Bank Deputy Governor Andrew Hauser said Australian iron ore miners, steelmakers, and other firms see potential gains from the US-China trade rift.

Hauser also noted the RBA's gross domestic product growth forecast for China, Australia's largest trading partner, remains steady at 4.8% for 2025 and 4.4% for 2026.

On Wall Street, the Nasdaq Composite, the Dow Jones Industrial Average, and the S&P 500 all ended flat after a sell-off.

In Australian corporate news, Rio Tinto Group (ASX:RIO) said Chief Executive Jakob Stausholm will step down later this year.

Elsewhere, Fortescue (ASX:FMG) said Chief Operating Officer Shelley Robertson resigned to pursue non-executive director opportunities.

Australia's benchmark index fell 0.5% or 38.1 points, to close at 8,348.70 on Thursday.