That result includes recovery from the flooding of Queensland coal mines in the summer of 2011, so it overstates the underlying pace of growth.
Even so, and allowing for a more moderate expansion of real GDP in the June quarter than in the March quarter, an assessment that economic activity has been growing “close to trend” over both the second half of 2011 and up to the middle of 2012 seems reasonable. Consistent with this, the rate of unemployment remains essentially unchanged from this time last year.