New Zealand shares rose on Tuesday's close, tracking gains from Wall Street as US indexes continued to break records on Monday.

The S&P/NZX 50 Index gained 1.05% or 131.71 points to close at 12,734.53.

The benchmark S&P 500 closed 0.5% higher at 6,204.95 points, making it to the 6,200 level for the first time, while the Nasdaq Composite gained 0.5%, reaching an all-time high close at 20,369.73 points.

Meanwhile, the US Senate Republicans are in efforts to pass President Donald Trump's sweeping tax-cut and spending bill amid discord within the party about its expected $3.3 trillion hit to the nation's debt pile, Reuters reported on Monday.

"Trade is front and center this week, but alongside that, we've obviously got the fate of the 'One Big Beautiful Bill', which is currently being debated in the Senate," said National Australia Bank's head of FX strategy, Ray Attrill, as quoted by Reuters.

In domestic news, New Zealand's property market has hit two and a half years of flat average asking prices as the national average asking price is marginally down 0.9% year-on-year to NZ$855,360, the latest data from realestate.co.nz showed.

Also, New Zealand's new dwellings consent rose to 3,151 in May compared with 2,418 in April, according to a report by Stats NZ.

Business confidence improved in the June quarter, with more firms expecting better economic conditions ahead, although real activity remained subdued amid weak demand and cautious hiring, according to the New Zealand Institute of Economic Research's Quarterly Survey of Business Opinion.

In corporate news, The Reserve Bank of New Zealand (RBNZ) launched a depositor compensation scheme (DCS) Tuesday, protecting up to NZ$100,000 per depositor holding money in a DCS-protected account if deposit takers, including ANZ Group Holdings (ASX:ANZ, NZE:ANZ) and Westpac Banking (ASX:WBC, NZE:WBC), fail, the central bank's website showed.

Delegat Group (NZE:DGL) promoted Chief Financial Officer Murray Annabell to chief executive, effective July 1.