A surprisingly large slump in economic growth didn't worry share investors on Wednesday, as the local market shot higher, buoyed by rising metals prices, with only energy stocks weighing on the bourse following a dip in the oil price.

The 0.5 per cent drop in third-quarter GDP saw the Australian dollar slip just under half a cent, though there wasn't much of a change in outlook for interest rates, with markets pricing in only a very slim chance of another rate cut next year.