Australia's GDP Rises 2.4 Percent on Year

Australia's economy grew by 1.1% in the fourth quarter, surpassing expectations of 0.8%. This growth reverses a previous 3.5% contraction, avoiding a technical recession. The year-on-year growth is 2.4%, driven by a rebound in commodity prices, with iron ore and coal prices rising significantly. The current account deficit narrowed to its lowest since 1979, and the trade surplus reached a record $3.5 billion. Strong household consumption and housing construction also contributed to the positive GDP figures.

What was the year-on-year figure for Australia's economic growth mentioned in the text?

How did commodity prices impact Australia's economy in the past few months?

What was the current account deficit of Australia as mentioned in the text?

What was the trade surplus in December, and how did it compare to previous figures?

What were the GDP numbers for the fourth quarter, and how did they compare to estimates?