The economy racked up its strongest growth since 2012 in the June quarter -- confirming the growing view that Australia is back in the international winners' circle and the long period of decline in our terms of trade might be coming to an end.

The June quarter national accounts figures from the Australian Bureau of Statistics, which close the book on the 2015-16 financial year, were better than many forecast. Seasonally adjusted quarter on quarter growth was 0.5% -- down as expected from 1% rate in the March quarter (restated from 1.1%), but that still means GDP grew 3.3% through the year, above the 2.75% forecast in the May budget papers (and well above the MYEFO estimate of 2.5% last December).