Australian shares are set to open lower on Wednesday, with blue-chip miners likely to tumble after China vowed more oversight of iron ore prices.

The local share price index futures fell 0.5%, a 34.2-point discount to the underlying S&P/ASX 200 index close.

The benchmark closed at a two-week high on Tuesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 12,380.29 in early trade, ahead of the central bank's quarterly monetary policy announcement coming later in the day.