SYDNEY: Australian shares bounced 0.5 percent early on Wednesday, after Wall Street rose for a second straight day as investors bet the Federal Reserve will maintain its stimulus support.

A weaker Australian dollar also benefited stocks with overseas exposure including global miners BHP Billiton Ltd and Rio Tinto Ltd, which climbed 0.9 percent and 1.5 percent respectively.

Shares in coal miner Whitehaven Coal Ltd surged 8.1 percent after Australian tycoon Nathan Tinkler sold nearly half his stake. The S&P/ASX 200 index added 24.5 points to 4,838.8 by 0012 GMT. The benchmark slipped 0.2 percent on Tuesday.

New Zealand's benchmark NZX 50 index dropped 0.2 percent to 4,451.8.