Australian shares are set to open higher on Thursday, recovering from two previous sessions of losses, as investors take cues from a positive overnight session on Wall Street, with local mining stocks likely dragging the benchmark on weak commodity prices.

The local share price index futures rose 0.3%, a 2.3-point premium to the underlying S&P/ASX 200 index close.

The benchmark fell 1.08% on Wednesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.1% to 13,132.91 points in early trade.