Via Bloxo today:
On two of the broadest metrics, the economy appears to be in its best shape in six years. The latest GDP numbers show growth running at a six-year high of 3.4 per cent in the second quarter, while the unemployment rate is at a six-year low of 5 per cent. The jobs outlook also looks bright, with job vacancies at a record high. At the same time, national housing prices have fallen 4 per cent over the past year.
…The lift in commodity prices is boosting national incomes and, among other effects, is filtering through to an improved budget position. The budget deficit is the narrowest it has been in a decade. The better budget position has seen the ratings agency, S&P, recently remove Australia from “negative watch” for its triple-A sovereign rating, a rating it also holds with the other agencies.
