Australia has defied international trends to record a 0.4 per cent annualised rise in gross domestic product in the three months to March, with economic growth salvaged by strong exports, robust retail sales and the government's fiscal stimulus measures.

Economists had expected the economy to shrink in the opening quarter but on Tuesday, many had revised their numbers after trade figures recorded their biggest contribution to Australia's growth since 1961.

Australia's exports of iron ore and coal are two of the country's biggest earners and sales of these two commodities are based on annual contract prices. Although iron ore contract prices will fall by at least 33 per cent this year, Australia has benefited from price increases of 500 per cent over the previous six years.