Australian shares are set to gain on Tuesday, tracking overnight gains on Wall Street, while investors await clues on whether the Reserve Bank of Australia will opt for a sooner-than-expected rate hike in its monthly policy meeting later in the day.

The local share price index futures rose 0.2%, a 10.8-point discount to the underlying S&P/ASX 200 index close. The benchmark closed 0.6% higher on Monday.

New Zealand's benchmark S&P/NZX 50 index edged 0.1% higher in early trading.