Financial markets are talking about the possibility of another rise in interest rates by the Reserve Bank of Australia.
Gross domestic product surged by 1.2% in the June quarter, taking the annual growth rate to 3.3%. Terms of trade have risen 12.5% due to the commodities boom.
Radio New Zealand's Sydney correspondent reports the economy is in such rude health that the market is pencilling in a resumption of the RBA's monetary policy tightening cycle.
The RBA raised cash rates six times from October last year, but has sat pat for the past three months.
The market now thinks rates might rise again in early November, after the next quarterly inflation data in late October.
On the other hand, Radio New Zealand's correspondent says monetary policy tends to act with a lag, which means the bank could wait to see how the rises to date pan out.
Plus, there is persistent uncertainty about the global economy and the talk of a double dip recession possibly give the RBA room for caution.
An announcement on interest rates is due from the RBA after its monthly board meeting on Tuesday. The rate is 4.5% at present.