Australian shares are set to fall at open on Tuesday with weak commodity prices expected to weigh on local resource stocks, while investors await the central bank's policy meeting later in the day.

The local share price index futures were down 0.3%, a 124.4-point discount to the underlying S&P/ASX 200 index close. The benchmark closed at a record high on Monday.

Australia shares drop on virus worries; miners drag

New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 12,738.95 points in early trade.