According to rttnews, Australia's gross domestic product expanded a seasonally adjusted 0.5 percent on quarter in the second quarter of 2016, the Australian Bureau of Statistics said on Wednesday.

That was shy of expectations for 0.6 percent following the downwardly revised 1.0 percent increase in the first quarter (originally 1.1 percent).

On a yearly basis, GDP gained 3.3 percent - matching forecasts and up from the downwardly revised 3.0 percent gain in the three months prior (originally 3.1 percent).

Terms of trade increased 2.3 percent on quarter and fell 5.4 percent on year.