Retail trade, an important indicator of economic activity, continued to grow in February (by +0.7% in trend terms or +0.2% seasonally adjusted) even after an outsized result in January (+1.2%) and strong growth in the preceding months (November 2013 and December 2013 also both recorded strong 0.7% seasonally adjusted gains).
Year on year retail growth is tracking nicely at 4.9% growth, but actually since low interest rates really started to bite around Q3 last year, the annualised pace of growth is around 9%, which will contribute to a nice GDP figure in the first quarter of this year.
Meanwhile today's international trade figures showed that exports continue to surge, up by 11% in February alone.
It's perhaps worthwhile putting all this into some context.
The whole point of what is supposed to be happening in the economy at the moment is that the RBA should be rebalancing Australia away from mining construction (the building of resources projects) to residential property construction, with low interest rates helping the rest of the economy to take up the slack while the mining projects move into the construction phase.
Today's retail data and yesterday's building approvals data showed that Australia is making progress in that direction.
And all the while, exports are picking up...and how.