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.