Australian shares are likely to gain on Wednesday, taking their cue from a strong overnight session on Wall Street which saw major indexes mint record highs, while weaker iron ore and gold prices are expected to weigh on domestic miners.

The local share price index futures rose 1%, a 35.7-point premium to the underlying S&P/ASX 200 index close.

The benchmark closed 0.6% lower on Tuesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.3% in early trading.