Australia GDP grew 0.5% qoq in Q4, above expectation of 0.4% qoq, but slowed from Q3’s 0.6% qoq. Through the year, the economy grew 2.2%. Household consumption and inventories are the main contributor to growth, followed by imports and government consumptions. Public capital formation and exports provided no contributed while private capital formation was a drag. Chief Economist for the ABS, Bruce Hockman, said: “The economy has continued to grow and picked up through the year, however the rate of growth remains below the long run average.”