Australian shares are slated to open higher Wednesday despite losses on Wall Street following the Reserve Bank's decision to bring interest rates to a two-year low.

On the macroeconomic front, the Westpac Leading Index is due at 11 am Sydney time, and the monthly employee earnings indicator at 11:30 am.

In a widely expected move, the Reserve Bank of Australia cut the official cash rate by 25 basis points to 3.85% Tuesday, bringing it to a two-year low.

Overnight, the S&P 500 and the Nasdaq Composite lost 0.4% each, and the Dow Jones Industrial Average dropped 0.3%.

In corporate news, Santos (ASX:STO) secured the approval of the National Native Title Tribunal for its Narrabri gas project in New South Wales, a May 19 government document showed, defying opposition from traditional owners.

Rio Tinto (ASX:RIO) is seeking court approval for its compulsory acquisition of Energy Resources of Australia (ASX:ERA) after 123 ERA shareholders objected to the transaction, according to a Tuesday filing.

Australia's benchmark index gained 0.6%, or 48.20 points, to close at 8,343.30 on Tuesday.