As The Australian Financial Review foreshadowed three weeks ago, the nation’s economy is bouncing out of the recession produced by the forced lockdowns required to fight the COVID-19 pandemic.

The unprecedented budget, monetary and banking sector supports cushioned the hit to businesses and employment during the June quarter, when GDP fell by an extraordinary 7 per cent, so much so that household disposable income still remains higher than a year ago, in turn fuelling the surge in consumer spending.