The Australian Bureau of Statistics released its gross domestic product (GDP) data on Wednesday. Australia's GDP climbed 0.9% in the first quarter, exceeding expectations for a 0.7% gain, after a 0.5% rise in the fourth quarter.

On a yearly basis, Australia's GDP rose 2.3% in the first quarter, beating expectations for a 2.1% increase, after a 2.4% gain in the fourth quarter. The fourth quarter's figure was revised down from 2.5% rise.

Final consumption spending was up 0.5% quarter-on-quarter and 2.4% year-on-year.

Terms of trade dropped 2.9% quarter-on-quarter and 11.4% year-on-year, while real net national disposable income increased 0.2% quarter-on-quarter and fell 0.2% year-on-year.

On seasonally adjusted basis, mining rose 0.3%, financial and insurance services climbed 0.2%, while construction declined 0.1%.