Australian shares were on track to open higher on Tuesday, as a rebound in iron ore prices is expected to lift mining stocks, while investors evaluate the potential impact of the newly discovered Omicron coronavirus variant.

The local share price index futures rose 0.6%, a 15.2-point premium to the underlying S&P/ASX 200 index's close.

The benchmark fell 0.54% on Monday.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.5% in early trade.