17 February 2010

Australian economy returning to high growth

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A leading index has found the Australian economy will experience high growth on par with that seen in 2007 during the resources boom.

Australian economy

An increase in dwelling approvals is one compentent of the Australian economy index which has shown increased growth.

The Westpac-Melbourne Institute leading index of economic activity, which indicates the expected pace of activity three to nine months in advance, posted an annualised Australian economy growth rate of 6.2 per cent in December 2009, well above the long term trend growth rate of 2.7 per cent.

Westpac senior economist Matthew Hassan said the annualised growth rate, as measured by the leading index, continues to grow after dropping to minus 6.9 per cent in May 2009 to the plus 6.2 per cent in December.

"This large swing is not only the fastest reversal since the economy bounced out of recession in the mid 1970s but also puts the growth outlook back on a par with that seen in 2007 at the height of Australia's resources boom," Mr Hassan said in a statement.

The improvement in the economy has been broadly based, with all but one component of the index improving.

"Three of the four monthly components of the index rose in December the share price Index (up by 3.6 per cent); dwelling approvals (up by 2.2 per cent) and US industrial production (up by 0.6 per cent)," Mr Hassan said.

"One monthly component - the real money supply - fell by 0.9 per cent."

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