Australian shares are set to open higher on Wednesday, helped by gains in the country's prominent mining stocks on the back of a rally in iron ore prices.

The local share price index futures rose 0.2% a 12.8-point discount to the underlying S&P/ASX 200 index close.

The benchmark had closed 0.2% lower on Tuesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.1% to 12,631.97 in early trade.