On the back of the surplus Government stimulus spend to stabilize the country's economy, the Australian GDP recorded a 0.2% growth for the current year's third quarter, and the rise has come after a 0.6% gain recorded for the previous quarter.

As a result, Prime Minister Kevin Rudd is focusing on development of infrastructure and is spending A$22 billion on development of roads, schools etc. A rise of exports such as iron ore is expected in year 2010.  

Australian currency also saw a fall from 90.67 cents to 90.02 U.S. cents which may be the outcome of the GDP report. 

According to a report, Australia’s economy is growing faster and more jobs are available now. An increase in demand of raw materials is also seen which will result in more hiring’s and increased investments.

Treasurer Wayne Swan forecasted last month that GDP will rise 1.5 percent in 12 months counting from June 30, 2010, but has also stressed that the Government stimulus should not be stopped yet. The central bank says the economy will grow 2.25 percent this fiscal year and 3.25 percent in 2010-11.

As many as 99,500 workers were hired between the months of September and Nov. 30, and has been a record for the biggest three-month hiring surge in last three years. The jobless rate also fell by about 0.1%.