Australian shares finished flat with a negative bias Friday, as China's strong GDP data failed to impress investors, amidst looming US tariffs threats.

The S&P/ASX 200 Index slipped 0.2% or 16.6 points to close at 8,310.4.

China reported better-than-expected fourth-quarter gross domestic product that matched the country's target, but investors were concerned that President-elect Donald Trump's return and his policies may hurt trade, Bloomberg reported.

"The biggest bright spot in the economy last year was exports, [which] means the biggest problem this year will be US tariffs," Jacqueline Rong, chief China economist at BNP Paribas SA said in the report.

On the domestic front, The Australian job market remains tight but at levels in line with inflation returning to the Reserve Bank of Australia's 2% to 3% target band, ANZ Research said.

In company news, Insignia Financial (ASX:IFL) said CC Capital Partners raised its bid for the company to AU$4.60 cash per share, a 7% premium to a prior offer of AU$4.30. Shares of the company rose nearly 7% at market close.

Rio Tinto Group (ASX:RIO) and Switzerland-based natural resource company Glencore are in talks for a potential merger that could create the largest-ever mining deal, Bloomberg News reported. Rio Tinto declined to comment on the matter.

Lastly, The Banking Code Compliance Committee (BCCC) sanctioned the Bank of Queensland (ASX:BOQ) over its failure to "identify, stop, and refund" fees on deceased clients' accounts.

In an emailed statement to MT Newswires, the Bank of Queensland acknowledged the BCCC investigation and findings, saying that it apologized and completed remediation of impacted customers over the past two years.