Australia on the way out of recession?

RGE reports...

Is Australia Approaching Escape Velocity Out of Recession?

• Australia extended its rebound with a 0.6% q/q, 0.6% y/y GDP growth
  (seasonally adjusted) in Q2 2009, after missing a technical recession
  by a hair (0.4% q/q, 0.4% y/y) in Q1 2009. This time, however, net exports declined and the country is still effectively in a recession, with unemployment rising, corporate profits
  sliding (-7.8% q/q in Q2), GDP growth well below potential for the
  fifth consecutive quarter, and income GDP down 1.5% q/q. Going forward,
  the economic recovery will most likely remain muted by private sector deleveraging.