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Australian Economy Experiencing Robust Growth
No matter who ends up winning the upcoming Australian general election, the winner will undoubtedly have to take control of an economy growing at an above trend rate of 3.5 per cent.
According to the Westpac-Melbourne Institute leading index of economic activity which was released on Wednesday, the annualized growth rate during may was 6.7 per cent, much higher than the long term trend rate of 3.0 per cent.
The index is an indicator of the likely rate of economic activity for between three to nine months into the future.
Bill Evans chief economist of Westpac says that though there have been signs that the index has peaked, the index still suggests that there is a stronger outlook for growth during the near term than he was expecting.
Westpac is expecting an annualised growth pace of 3.5 per cent during the second half of 2010, slightly above trend of 3.25 per cent.
Despite the strong indicator, May was the second consecutive month where the rate of growth in the index had slowed.
“In absolute terms the growth rate remains remarkably high but it appears that growth in the index has peaked,” Mr Evans said.
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