May 16 (Reuters) - Australian shares are expected to open lower on Wednesday, tracking a decline on Wall Street as bond yields surged after strong retail sales data raised inflation concerns. Locally, investors will be watching Australia's first-quarter wage growth data, due later in the day, for updates on inflation and labour market outlook. The local share price index futures shed 0.12 percent or 7 points to 6,093, a 4.8-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.6 percent on Tuesday. New Zealand's benchmark S&P/NZX 50 index fell 1.6 percent at 2207 GMT, dragged down by a2 Milk shares. (Reporting by Shanima A in Bengaluru; Editing by Peter Cooney)