“The strength in activity should see further gains in employment and with high rates of capacity utilization and elevated confidence, we hope that business investment continues to lift,” said Alan Oster, chief economist at NAB. “This could see further activity and productivity gains as the private sector takes over once again as the government gradually withdraws stimulus.”
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Healthcare workers prepare doses of the Sputnik V vaccine for COVID-19 as seniors and those considered high risk for contagion are eligible at a vaccination center set up in the parking lot of the Armed Forces Social Prevision Institute (IPSFA) in Caracas, Venezuela, Monday, June 7, 2021. AP Photo -
Health workers administer a dose of the AstraZeneca COVID-19 vaccine to women at Paragon shopping mall in Bangkok, Thailand, Monday, June 7, 2021. Health authorities in Thailand on Monday began their much-anticipated mass rollout of locally produced AstraZeneca vaccine, but it appeared that supplies were falling short of demand from patients who had scheduled vaccinations for this week. (AP Photo/Sakchai Lalit) -
A security guard is inoculated with China's Sinovac COVID-19 vaccine at the Navotas Fish Port, Philippines on Monday, June 7, 2021. The government today bolstered its vaccination program by including frontline economic personnel both in private and government sectors. (AP Photo/Aaron Favila) -
MADRID, SPAIN - JUNE 07: Women sit at the terrace of a restaurant at Opera Square on June 07, 2021 in Madrid, Spain. Spain, the world's second most visited tourism destination, has re-opened borders to vaccinated visitors worldwide as well as non-vaccinated Europeans with a negative antigen test. (Photo by Pablo Blazquez Dominguez / Getty Images) -
MADRID, SPAIN - JUNE 07: Skaters wear face mask as they skateboard at Opera Square on June 07, 2021 in Madrid, Spain. Spain, the world's second most visited tourism destination, has re-opened borders to vaccinated visitors worldwide as well as non-vaccinated Europeans with a negative antigen test. (Photo by Pablo Blazquez Dominguez / Getty Images) -
MADRID, SPAIN - JUNE 07: People sit at the terrace of a restaurant at Opera Square on June 07, 2021 in Madrid, Spain. Spain, the world's second most visited tourism destination, has re-opened borders to vaccinated visitors worldwide as well as non-vaccinated Europeans with a negative antigen test. (Photo by Pablo Blazquez Dominguez / Getty Images) -
TOKYO, JAPAN - JUNE 08: A nurse waits to process people arriving to receive coronavirus vaccine at the Tsukiji Vaccination Center on June 08, 2021 in Tokyo, Japan. Tokyo Metropolitan Government newly opened a mass vaccination center on Tuesday, June 8, 2021 at the former Tsukiji Fish Market, also soon-to-be the transportation hub during the Tokyo 2020 Olympic Games. The center aims to inoculate the employees of Tokyo Police Department and Fire Department, as well as registered Judo therapists, operated by approximately 60 dentists and nurses with the maximum of 5000 shots per day before the Olympic starts in late July. (Photo by Yuichi Yamazaki / Getty Images) -
TOKYO, JAPAN - JUNE 08: A nurse waits to process people arriving to receive coronavirus vaccine at the Tsukiji Vaccination Center on June 08, 2021 in Tokyo, Japan. Tokyo Metropolitan Government newly opened a mass vaccination center on Tuesday, June 8, 2021 at the former Tsukiji Fish Market, also soon-to-be the transportation hub during the Tokyo 2020 Olympic Games. The center aims to inoculate the employees of Tokyo Police Department and Fire Department, as well as registered Judo therapists, operated by approximately 60 dentists and nurses with the maximum of 5000 shots per day before the Olympic starts in late July. (Photo by Yuichi Yamazaki / Getty Images)
Australia’s rapid rebound has been underpinned by its ability to limit Covid-19 outbreaks, boosting consumer and business sentiment. A massive fiscal-monetary injection strengthened the financial position of households and firms during the lockdown, and consumers are spending and companies hiring.
Australia’s economy has now recouped all jobs lost during the pandemic and is larger than it was before Covid hit.
“Overall, this was another very strong read for the business sector -- and forward indicators point to ongoing strength in the near-term,” Oster said. “The economy now appears to be entering a new period of growth after a very rapid rebound.”
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