Australian shares are set to open higher on Tuesday, as firmer oil and iron ore prices are likely to boost the index's heavyweight resource stocks.

The local share price index futures rose 0.7%, a 44-point premium to the underlying S&P/ASX 200 index close.

The benchmark closed 0.4% lower on Monday.

New Zealand's benchmark S&P/NZX 50 index rose 0.4% to 12,415.05 points in early trade.