Australian shares were flat with a positive bias on Wednesday as investors brace themselves for a volatile period ahead of the upcoming US elections.

The S&P/ASX 200 Index was little changed to close at 8,216.

Analysts are expecting the markets to be shaky ahead of the US elections, Reuters reported.

"Volatility within a range-bound trade is increasingly becoming the norm, as markets brace for pivotal weeks ahead, including the U.S. presidential election and a heavy corporate earnings agenda," said ActivTrades trader Anderson Alves.

In corporate news, Tabcorp Holdings (ASX:TAH) will continue its cost-cutting program in fiscal 2025 in a bid to simplify its organization, said Chief Executive-elect Gillon McLachlan. The gaming company is currently advancing its transformation into a simpler, leaner organization via the Genesis cost program.

Meanwhile, the Australian Securities and Investments Commission (ASIC) filed court proceedings against QBE Insurance Group's (ASX:QBE) QBE Insurance (Australia) subsidiary for allegedly misleading customers about certain discounts between July 2017 and September 2022.

Finally, multiple media outlets said that Coles Group (ASX:COL) and Woolworths Group (ASX:WOW) appeared in the Australian Federal Court after being accused of misleading customers with fake discounts.

Last month, the Australian Competition and Consumer Commission (ACCC) claimed that both supermarkets breached consumer law by misleading shoppers on various items, including 266 products for Woolworths at different times across 20 months, and 245 products for Coles at different times across 15 months.