Australia’s growth rate is one of the best in the developed economic world, ahead of the US, Britain and most of Europe.
The national account economic numbers reveal an annual rate of 3.3%, ahead of Treasury’s 3% growth forecast for this year.
The numbers were boosted by a 1.2% jump in the June quarter and revisions to earlier quarters. The nation’s growth rate is back to its long-term average.
The government took credit for the surprise result.
''Finance ministers elsewhere and prime ministers elsewhere would kill for a set of outcomes such as these,'' said the Treasurer, Wayne Swan. ''This is an endorsement of what we've has done to support the economy.''
Australians appear to be experiencing increased economic confidence. Recent figures from the Australian Bureau of Statistics reveal better than expected retail spending and building approval rates, both of which are a barometer of economic confidence.
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