Executive summary

  • Growth in Australia’s economy accelerated to 3.3% in the June quarter, the fastest pace since 2012
  • The details beneath the surface were also encouraging – broader base of GDP growth is developing
  • Importantly, the extended slide in national income came to an end and productivity rose
  • The largest piece of the growth jigsaw is still missing so is business investment outside mining
  • Policy flexibility is diminishing – cash rate now at record low, there is little room to move on budget
  • AUD is starting to fall which should aid the economy’s rotation to more non-mining sources

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