Australian shares rose on Monday's close despite losses from Wall Street and other Asian markets as data from the country's inflation gauge signaled that policymakers may have to cut interest rates soon.

The S&P/ASX 200 Index rose 0.8% or 64 points to close at 8,349.1.

Australia's annual trimmed mean inflation, which excludes significant falls in automotive fuel and electricity, eased to 3.2% in November from 3.5% in October, data from the Australian Bureau of Statistics showed.

Last December, the Reserve Bank of Australia kept interest rates unchanged, and said that the country's underlying inflation was still "too high," adding that it does not expect it to return to the midpoint of the target until 2026.

A report from Bloomberg said inflation data edged closer to the Reserve Bank's target band, suggesting a sooner-than-expected interest rate cut.

The report said that there is now a 70% chance of a 0.25% rate cut in February based on market sentiment.

In other domestic news, seasonally adjusted job vacancies in Australia rose 4.2% to 344,000 in the three months to November 2024 from the prior quarter, marking the first rise since May 2022, the Australian Bureau of Statistics said.

On the corporate front, Avita Medical (ASX:AVH) lowered its commercial revenue guidance for the fourth quarter of 2024 to AU$18.4 million from the previous AU$22.3 million to AU$24.3 million. Shares of the company plunged 19% on market close.

Commonwealth Bank of Australia (ASX:CBA) failed to alert regulators about a move to migrate 1 million customers to new accounts and the extra transaction fees it would incur, according to an article by The Australian. Shares rose nearly 2% at market close.

Lastly, GQG Partners (ASX:GQG) reported funds under management of $153 billion as of Dec. 31, 2024, up from $120.6 billion in the year-earlier period. Its shares fell 5% on market close.