The encouraging signs about the health of the Australian economy have continued over the past month, with employment growth gathering pace and the outlook for business investment improving. (See Chart 1.) The economic outlook has clearly improved and GDP growth in the third quarter may get close to the 0.8% q/q rise in the second quarter. But further ahead, we doubt that GDP growth will rise as far as most people expect as the boosts to growth from housing and the household sector fade.
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