The Australian Bureau of Statistics released its GDP data on Wednesday. Australia's GDP climbed 0.2% in the second quarter, missing expectations for a 0.4% gain, after a 0.9% rise in the first quarter.

On a yearly basis, Australia's GDP rose 2.0% in the second quarter, missing expectations for a 2.2% increase, after a 2.3% gain in the first quarter.

Final consumption spending was up 0.9% quarter-on-quarter and 2.9% year-on-year.

Terms of trade dropped 3.4% quarter-on-quarter and 10.6% year-on-year, while real net national disposable income decreased 0.9% quarter-on-quarter and fell 1.1% year-on-year.

Mining plunged 3.0% in the second quarter, while construction declined 0.6%.