Australian shares were set to rise at the open on Wednesday, tracking strong overnight gains on Wall Street, buoyed by optimism over potential US government stimulus and hopes for further easy monetary policy from the US Federal Reserve.

A recent uptick in coronavirus cases in the United States has fuelled hopes that US congressional leaders will reach a quick deal to green-light a fresh COVID-19 relief package.

The local share price index futures rose 0.7%, a 50.7-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.4% on Tuesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.1% to 12,782.55 at 2113 GMT.