Concerns that the economic growth may have contracted in the June quarter have been relieved by an export surge that has produced Australia's  first current account surplus since 1975 and held back the Reserve Bank of Australia from cutting official interest rates below 1 per cent.

The current account surplus which takes into account trade and income flows reached $5.8 billion in the June quarter reversing a deficit of $2.9 billion in March and beating economists' expectations of $1.5 billion.