Australian shares are expected to open higher on Thursday tracking a rebound in major world markets as the US Federal Reserve Chair calmed nerves about an aggressive interest rate hike in March and oil prices surged to eight-year highs amid the Russia-Ukraine standoff.

The local share price index futures rose 1%, a 45.3-point premium to the underlying S&P/ASX 200 index close. The benchmark ended 0.3% higher on Wednesday.

New Zealand's benchmark S&P/NZX 50 index rose 1% in early trade.