Wall Street has risen for the third day in a row and Australian shares are set to follow it higher.

At 8am AEDT, ASX 200 futures were 0.9 per cent higher.

The benchmark ended 0.3 per cent higher on Tuesday, as the Australian federal budget was starting to be released.

All major indexes on Wall Street ended higher, with the Nasdaq gaining 2.3 per cent.

On tech stocks, music streaming service Spotify lost 7 per cent after it put out earnings that did not meet investor expectations.

That was despite it reporting it had pushed up its number of paid subscribers by 13 per cent in the past year.

It now has 456 million monthly active users, however only 195 of those are paying for the service. The rest stream the service and receive adverts.

Back home in Australia, the big four banks are reacting to the budget today.

And there is another major market mover being released with inflation data out today.

Inflation has shaped up as the economic and political story of 2022, with it soaring living costs.

The data out today could impact how the Reserve Bank next acts on the cash rates.

Meanwhile, Medibank’s shares are still in a trading halt as the healthcare provider is in turmoil over its cyber hack.

The company’s CEO told ABC News yesterday that the company would remain in the halt as long as necessary and would not put a date on when it would lift it.

More to come.