Australian shares are set to open lower on Wednesday, tracking an overnight dip on Wall Street, while weaker oil prices are expected to weigh on domestic energy stocks.

The local share price index futures fell sharply by 1.1%, an 84-point discount to the underlying S&P/ASX 200 index close. The benchmark closed 0.6% higher on Tuesday.

New Zealand's benchmark S&P/NZX 50 index fell 0.2% to 12,405.73 in early trading.