Economy to "surge": Stephen Koukoulas

Economist Stephen Koukoulas has tweeted about strong growth prospects for the Australian economy following publication of the Westpac Melbourne Institute Leading Index.

@TheKouk tweeted:

The annualised growth rate of the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity three to nine months into the future, was 4.9% in May, above its long term trend of 3.0%.

The annualised growth rate of the Coincident Index, which gives a pulse of current activity, was 2.7%, slightly below its long term trend of 2.9%.