The growth rates enjoyed by Australia and New Zealand in the second quarter continue to be the envy of most advanced nations. The 3.3% and 3.6% respective rises in GDP over the last year were much faster than the average gain for the US, euro-zone and Japan of 1.2%. While Australia and New Zealand will continue to grow faster than their peers, the recent strengthening in their exchange rates is one reason why they won’t be able to grow by more than 3.0% per annum for long.
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