The Australian Bureau of Statistics released its GDP data on Wednesday. Australia's GDP climbed 1.1% in the first quarter, exceeding expectations for a 0.8% gain, after a 0.7% rise in the fourth quarter. The fourth quarter's figure was revised up from a 0.6% increase.

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

Terms of trade dropped 1.9% in the first quarter, while real net national disposable income increased 0.2%.

Private gross fixed capital formation dropped 2.2% in the first quarter.

On a yearly basis, Australia's GDP rose 3.1% in the first quarter, beating expectations for a 2.8% increase, after a 2.9% gain in the fourth quarter. The fourth quarter's figure was revised down from a 3.0% rise.