After seeing the latest economic growth figures, Treasurer Josh Frydenberg has declared that Australia is “back on track” and “back in the black”.

The upbeat message does not seem to have got through to ordinary households, however, and unless they change their minds the Treasurer may need to prepare a plan B.

The national accounts for the September quarter on Wednesday showed the economy growing at an annual rate of 1.7 per cent.

Eager to see the glass half full, Mr Frydenberg noted that the rise in gross domestic product was an improvement from the upwardly revised 1.6 per cent in the year to the end of June.

He is right and there is certainly no reason to panic about the state of the Australian economy.