Australian economy heading for sustained growth

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SYDNEY, Oct 17 (AFP): The Australian economy was likely entering a period of further sustained growth, according to a survey released today, supported by strong employment growth and business investment.
The Westpac-Melbourne Institute leading index, which indicates the likely pace of economic activity in the next three to nine months, found the annualised growth rate was 5.6 per cent in August.
This figure compares with 5.3 per cent in July and 5.4 per cent in June and is well above the long-term trend of 4.3 per cent.
The coincident index, which measures current activity, rose 0.8 points in August to an annualised 4.5 per cent due to a strong labour market and growth in industrial production, Westpac said.