As commodity prices have risen, the Australian economy is set to benefit from these continuing gains. Australia’s improving terms of trade has led to a big increase in nominal GDP, which is now growing at 6.1% year-on-year. As commodity prices have moved higher in the first half of 2017, this will aid the strongest expansion in nominal GDP since early 2011. Over the next two quarters, this should provide positive economic outcomes, with the important question now being – can this last?

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