Australia's CEOs are squeezed to defend their earnings forecasts as the profit reporting season takes shape and optimism mounts that some top companies will post profit growth for the first time since the global financial crisis.

Some outlooks show the country's top companies have increased earnings per share by about 9 per cent in the year to June 30, led by miners which have gained from a spring back in commodity prices.

Fund managers, however, are concerned that analysts' earnings growth outlook for this financial year may be lofty, according to reports.

Some are suggesting that several positive forecasts should be modified by the persisting debt gloom attacking Europe and worries for the global economic recovery, despite solid growth in Asian markets.

Investors are set to examine management forecast statements, especially of those firms which have been significantly exposed to offshore earnings and domestic consumer spending.

The fading of the government's stimulus benefits is also under consideration. Companies with exposure to the return in global and domestic growth throughout 2009 and early 2010 are believed to report the highest growth in earnings.

"The biggest issues for this reporting season will be the risk that earnings for 2011 and 2012 are too optimistic and will be downgraded, with outlook statements driving this and the deleveraging impact that could crimp global growth over the years ahead," said Marcus Fanning, who is Colonial First State Global Asset Management's head of Australian equities.