Treasurer Joe Hockey believes there is "good momentum" in the economy, not withstanding an unexpected rise in the jobless rate to 6.3 per cent in July.
"(The jobless rate) is always too high, whatever it is, you don't want to see people unemployed," Mr Hockey told Sky News on Thursday.
But he said the retail sales figures released earlier this week were "really impressive", a sign that the transition from the mining investment boom is well underway and making him more optimistic about the outlook over the next two to three years.
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