Credit growth and housing approvals figures have kept a lid on any thoughts of an imminent interest rate cut.
The board of the Reserve Bank of Australia is due to hold its next two monthly monetary policy meetings on August 7 - next Tuesday - and September 4.
The futures market estimates the chance of a cut in the cash rate from its current 3.5 per cent to 3.25 per cent at either of those meetings to be about four in five.
But it puts the chance of a cut at next week's meeting at just one in five.
That sentiment mainly reflects optimism over the outlook for the euro area after pep talks from European officials last week and has also helped to push the Australian dollar to its highest level against the US dollar since late March.
But expectations of steady growth in the Australian economy has helped to quell talk of rate cuts in the near term.
The latest economic news came in the form of credit data from the RBA and the building approvals estimates from the Australian Bureau of Statistics (ABS).
Credit provided by financial intermediaries - mainly banks - to the private sector rose by 0.3 per cent in seasonally adjusted terms in June, the RBA said.
It was not an especially strong rise, but was consistent with a gradual acceleration since the global crisis disrupted credit markets in 2008.
Growth over the year to June was 4.4 per cent, up from the low of just 1.0 per cent over the year to November 2009.
The acceleration is not enough to warrant concern from the RBA that the economy risks overheating but still suggests that, while the economy would easily absorb with another round of monetary stimulus, it doesn't necessarily need one.
The ABS building approvals figures told much the same story.
Rather than falling sharply, as most economists had expected after a strong rise in May, the number of residential approvals edged back only modestly, by 2.5 per cent, in June, thereby sustaining most of the 27 per cent jump the month before.
Building industry groups have been quick to point out, quite rightly, that the May/June surge was accounted for by the volatile category of multi-unit developments - anything other than free-standing single houses.
"It is vital to see evidence of a broad-based recovery in building approvals and that is simply not the case at present," Housing Industry Association chief economist Harley Dale said in a commentary on the data.
His opposite number at Master Builders Australia, Peter Jones, shared the view.
He acknowledged that the slide in approvals may be bottoming out.
"However, the building industry remains in survival mode and conditions in the residential sector are extremely difficult," Mr Jones said.
Despite that longer-term gloom, the wave of new activity signalled by the recent rise in approvals will boost activity in the coming months, even in one of the softer patches of the patchwork economy.
