Australian shares are set to edge higher on Thursday, led by expected gains in tech stocks after the Wall Street sharply rebounded following US Federal Reserve's hawkish stance on pandemic-era bond purchases.

The local share price index futures rose 0.5%, a 22.9-point premium to the underlying S&P/ASX 200 index close. The benchmark closed 0.7% lower on Wednesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.1% to 12,879.71 points in early trade.