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Australia's December 2009 quarter's gross domestic product (GDP) came out at +0.9%, seasonally adjusted, according to todays release from the Australian Bureau of Statistics.

This what what the market expected and was up from a (revised) +0.3% for the previous quarter. Year on year, GDP was +2.7%, not a shabby result in the middle of a global recession.

By comparison, New Zealand managed minus 0.7% in the year to September 2009. Our December GDP results will be released Thursday, March 25, 2010.

Growth in Australia came from private investment in machinery and equipment (+0.8%), public capital investment (+0.6%) and household consumption (+0.4%). Offsetting the growth were imports of goods and services (minus 1.6%).

So the resources sector (and China) is coming up trumps again for the "lucky country". And one has to say their Government stimulus package has played its part.

Here is the review by www.interestratenews.com.au

Seems it will only stop when they have to stop digging holes.

Or when they run out of water.