Australia steams ahead

The Australian economy passed its 100th month of uninterrupted expansion in the December 1999 quarter according to the WestpacTrust Economic Overview. If it continues as expected, it will become the longest post-war growth period. Growth is being driven by households through strong (pre-GST) demand for housing and buoyant consumer spending, reflection of good job growth and some accumulated wealth gains through higher house and asset prices. The outlook for economic activity is sound, despite the outlook for higher interest rates.

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