This week's data confirm a best-case ‘V-shaped’ recovery for the Australian economy in the first quarter of 2021. The recovery in employment has been especially strong and rapid. In March 2021, employment, work hours, labour force participation and job vacancies all hit record highs. Unemployment and underemployment fell (to 5.6% and 7.9%). In other data, business conditions and confidence, consumer confidence, building approvals and new home sales all reached record highs or came close to them.

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