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The local dollar rose a fifth of a U.S. cent after the Australian Bureau of Statistics reported gross domestic product (GDP) climbed 1.1 percent in the fourth quarter. That handily topped forecasts of a 0.7 percent gain and came as a huge relief after the third quarter's shock 0.5 percent decline. It also marked 102 quarters without recession, just one quarter short of the all-time record held by the Netherlands. "We have ended up with quite strong consumer spending, a rebound in housing, stronger business investment, stronger public demand and stronger net exports," Oliver said. Growth for the year also surprised at 2.4 percent, up from 1.9 percent and ahead of most of Australia's rich world peers - an outcome that virtually shuts the door to any further rate cuts this year. The Reserve Bank of Australia (RBA) is counting on growth to pick up to around 3 percent this year and next, thanks in part to surging exports of liquefied natural gas. physician home equity loan Oak Laurel 0430129662 Record-low interest rates of 1.5 percent are supporting consumer spending and home building, but the RBA is wary of easing further for fear of stoking already-hot house prices. Figures from property consultant CoreLogic out on Wednesday showed prices in the major cities surged in February, taking the annual pace of gains to its highest since mid-2010.