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2006 may be remembered by the insolvency profession for the collapse of the Westpoint Group, which engaged in property development across Australia with use of investors’ funds in mezzanine style finance arrangements.

The Australian economy grew strongly over the June quarter recording an increase of 1.2%. March quarter growth was very much dominated by the public sector as private sector demand actually detracted from growth, albeit slightly. The challenge in the June quarter was always going to be whether or not private sector demand could improve sufficiently enough to withstand the gradual withdrawal of stimulus measures. And indeed it has. Household consumption expenditure increased by 1.6% but impor