What drove the slight GDP increase in Q4 2019?

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Australia's Economy Saw a Modest 0.5 Per Cent GDP Increase in Late 2019

Australia's economy experienced a growth of 0.5 per cent in the final quarter of 2019, a rate marginally exceeding the 0.3-0.4 per cent forecast by economists. This expansion occurred despite a slowdown in business investment outside of the mining industry. The Australian Bureau of Statistics is closely observing the effects of natural disasters, anticipating further impacts in the March quarter from bushfires and the emerging COVID-19 outbreak.
Business Investment Trends

During the fourth quarter of 2019, business investment outside the mining sector saw a decline. While the specific drivers of the overall GDP increase are not detailed, this trend suggests that sectors beyond mining may have experienced reduced capital expenditure. The Australian Bureau of Statistics noted this trend in its reporting on the period.
Central Bank Intervention and Economic Outlook

In response to growing economic concerns, Australia's central bank reduced interest rates to a record low of 0.50 per cent. Reserve Bank of Australia Governor Philip Lowe indicated that global growth was projected to be weaker in the first half of 2020. He also highlighted that COVID-19 was already exerting a significant influence on the domestic economy.
Anticipated Future Impacts

The Australian Bureau of Statistics has cautioned that the economic repercussions from the bushfires and the COVID-19 pandemic are expected to be more pronounced in the March quarter of 2020. This forward-looking statement acknowledges the developing nature of these events and their potential to affect subsequent economic performance.

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What drove the slight GDP increase in Q4 2019?

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