4 The source of this downward revision was less growth of export volumes than earlier estimated, although export growth still remained strong.
5 Looking at more recent quarters, our assessment of a broad range of timely indicators of activity is that the moderate pace of growth recorded in the June quarter (0.5 per cent according to the quarterly national accounts) has been maintained over recent months. Pulling this all together suggests that growth has been below trend for the past two years or more.