Australian shares are set to open flat on Tuesday, following a rebound from a streak of losses on Monday, with materials sector stocks likely to dominate gains on higher commodities prices.

The local share price index futures rose 0.1%, a 49.9-point discount to the underlying S&P/ASX 200 index close. The benchmark gained 0.4% to end the trade at 7,489.9 points on Monday.

New Zealand's benchmark S&P/NZX 50 index rose 0.3% to 13098.8 points in early trade.