In a statement released this afternoon, Reserve Bank Governor Glenn Stevens said the global economy grew faster than trend over the year to mid-2010, but would probably ease back over the coming year.

‘‘Recent information suggests that the Australian economy has been growing at around trend pace,’’ he said.

‘‘This has been helped by high levels of public spending over the past year, but private demand has also been firming.

‘‘The high level of the terms of trade is boosting incomes, which will tend to add to demand over the year ahead, while the effects of earlier expansionary policy measures will be diminishing.

‘‘Indications are that business investment in particular could increase strongly.’’

Evidence was slowly emerging of banks’ greater willingness to lend, Mr Stevens said.

‘‘Credit outstanding for housing has slowed a little over recent months, and the upward pressure on dwelling prices appears to have abated,’’ he said.