En nog meer goed nieuws!
AUSTRALIAN economic growth is expected to continue growing strongly, on par with previous cyclical highs experienced during the resources boom.
The Westpac-Melbourne Institute leading index of economic activity, which indicates the likely pace of activity three to nine months into the future, posted an annualised growth rate of 6.3 per cent in January.
The result, released today, was above the long-term trend growth rate of 2.7 per cent.
Westpac Senior Economist Matthew Hassan said after rising sharply over the second half of 2009, the Leading Index continues to point to "strong momentum" carrying into 2010.
"Although the annualised growth rate in the Index held steady in January ending the rapid month to month acceleration seen since May last year it remains well above its long run average, on a par with previous cyclical highs," he said.
He said there were now clear signs that the pick-up foreshadowed by the Leading Index is showing through in actual activity with the annualised growth rate in the Coincident Index rising back above trend for the first time since September 2007.
The growth turnaround from 0.4 per cent in August 2009 to 6.3 in January has been driven by industrial commodity prices, US industrial production, real corporate profits, productivity, domestic labour market conditions and dwelling approvals.
New home building surge in December quarter
Builders started work on a total 40,022 homes in the three months to December, the biggest quarterly increase in 18 months, new data released today showed.
Dwelling commencements surged by a seasonally-adjusted 15.1 per cent in the quarter, building on an 11.0 per cent jump in the previous three months, the Australian Bureau of Statistics said.
Over the 12 months to end-December commencements rose by 26 per cent.
Economists' forecasts had centred on a 6.0 per cent rise in dwelling commencements in the December quarter.
Building approvals rose sharply last year, partly as a result of the government's more generous first homebuyers grant, that at one stage offered $21,000 for the purchase of new properties.
Also part of the government's stimulus strategy was the building of 20,000 low-cost public housing across the country.
Met vriendelijke groeten,
Rob Breumelhof
Adelaide
