Once again we see the topsy turvy nature of the economy. The economy rose faster than forecast, growing by 0.6% for the three months to June as consumers spent their cash splash money and the tax incentives for small and medium business helped maintain solid investment levels.

It was the second quarter in a row where the economy grew much faster than anyone in the markets had expected after the March quarter's surprise 0.4% rise (now cut to 0.3% in today's revised figures).