Increase in the local growth data led to a rise in Australian Dollar, though the local currency was pushed lower against the Japanese Yen due to technical factors.

The Australian Dollar quoted at $US0.9053 is reportedly up from $US0.8992 with the currency amounting around US$0.9061.

The Australian Bureau of Statistics reported an increase of 0.9% in the average measure of GDP.

"The market has a significant long position already and as a result, it needs constantly good data and information to support that. It won't take much for profit-taking", said Callum Henderson, Head of Foreign Exchange Strategy for Standard Chartered.

David Beers, Standard & Poor's Global Head for sovereign ratings expressed his concern on Greece as the expectations did not match to those currently prevailing in the market.

Brian Redican, a Senior Economist with Macquarie said, "This is what the Government has to base their forecast on. Growth is much stronger than we thought and that will put pressure on them to unwind stimulus. And if that isn't done, they'll look to monetary policy to hold the brake on this economy".

To promote consumer spending, the Government has introduced a number of multi-Billion Dollar stimulus packages, including increased infrastructure spending and cash handouts to most Australians, since last two years.