Australian shares were set to open higher on Wednesday, with technology stocks expected to track a sharp bounce on Nasdaq overnight after a dip in US bond yields.

The local share price index futures rose 0.3%, a 18-point premium to the underlying S&P/ASX 200 index close.

The benchmark closed 0.5% higher on Tuesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.6% to 12,216.59 by 2120 GMT.