A sustained economic recovery and further upgrades are being locked in after a record two consecutive quarters of more than 3 per cent growth fuelled by surging consumption and business investment weathered the withdrawal of more than half the government’s stimulus.
The economy is now within 2 per cent of its pre-pandemic level of output after a stunning 3.1 per cent jump in gross domestic product in the December quarter smashed economists’ expectations and left Australia as the pick of advanced countries’ economic performance.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
