The Australian Bureau of Statistics released its GDP data on Wednesday. Australia's GDP climbed 0.6% in the fourth quarter, exceeding expectations for a 0.5% gain, after a 1.1% rise in the third quarter. The third quarter's figure was revised up from a 0.9% increase.

Final consumption spending was up 0.7% in the fourth quarter.

Terms of trade dropped 3.2% in the fourth quarter, while real net national disposable income decreased 0.1%.

Private gross fixed capital formation dropped 1.9% in the fourth quarter.

Exports and imports both increased by 0.6% in the fourth quarter.

On a yearly basis, Australia's GDP rose 3.0% in the fourth quarter, beating expectations for a 2.6% increase, after a 2.7% gain in the third quarter. The third quarter's figure was revised up from a 2.5% rise.