Economy to see welcome relief

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A leading indicator of economic growth is predicting good news for the second half of 2012. 

The Westpac-Melbourne Institute released figures showing a 1.6% increase in economic growth in May.  

Experts now believe a 3% annualised growth rate will be experienced in the second half of 2012. 

"While the growth rate remains well below long-term trend, it is the fastest since September last year and is indicating that, while moderate, growth in the second half of 2012 and into 2013 will adopt an improving tempo," Bill Evans, chief economist at Westpac, told The Australian.

While further rate cuts were needed to achieve this goal, he was concerned it wouldn’t happen anytime soon. 

“That profile presumes further interest-rate relief through the second half of 2012… The current disposition of the monetary authorities appears to be to sit tight for the next few months, in the wake of the surprisingly strong surge in growth in the first quarter of 2012," he said

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