Australian shares are tipped to rise on Thursday, taking positive cues from Wall Street with robust iron ore prices also set to lift the benchmark.

The local share price index futures rose 0.5%, a 7-point premium to the underlying S&P/ASX 200 index close.

The benchmark has closed higher for the last four sessions.

In New Zealand, the benchmark S&P/NZX 50 index rose 0.3% to 12,524.86 in early trade.