Dec 17 (Reuters) - Australian shares are set to open higher on Tuesday, with rising hopes of a rate cut likely to support equities after the country cut its outlook for growth in the economy and wages, while robust data from China also added to investor confidence.
On Monday, shares logged their biggest daily gain in seven months, after the government cut the outlook for growth, citing weak household spending and stagnant wage growth. Shares logged their biggest daily gain in seven months after the downgrade.
Meanwhile, data showed industrial output and retail sales growth accelerated more than expected in November in China, Australia's biggest trading partner, adding to the positive sentiment. local share price index futures YAPcm1 rose 0.4% or 24 points, a 23.3-point premium to the underlying S&P/ASX 200 index .AXJO close.
Elsewhere, New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.3% to 11,261.29 by 2104 GMT.