Real GDP rose by 1.1% in QI and growth was significantly faster than in recent quarters. It was a notch above theconsensus which centred on a rise of 1.0% (CBA (f): 1.1%). Annual growth, at 3.5%, is also above the longer term trendgrowth rate of 3¼%pa. In our view it should help dispel the myth that Australia’s economic growth was set to remain wellbelowtrend in coming years. It is the highest annual growth rate since early 2012.
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