The Australian economy is surging.

Figures today from key surveys from the ANZ Bank on job ads, and the National Australia Bank, on business conditions, and confidence, show a very strong February.

The survey results confirm the rightness of the Reserve Bank’s move to lift its cash rate to 4% at last week’s board meeting, and the confidence the central bank has in the economy’s ability to grow without the stimulus of lower-than-normal interest rates. Both reports will get the economic pundits babbling “rate rise looms”, but the fact remains both were very strong.

In fact, the ANZ job ads survey showed a record 19.1% leap last month, more than doubling the surprise 8.1% fall in January.

Likewise with business confidence, the NAB said it is now back at its very high levels of late 2009, while business conditions, which held up in January, have improved again.

The ANZ said the February result was the best in the 11-year history of the series and chief economist Warren Hogan said in a statement:

”Total job advertisements are continuing to improve month on month from their cyclical low point last year. This has already translated into solid employment growth and reduced unemployment, even through a period of relatively strong labour force growth.”

Jobs advertised in major metropolitan newspapers increased by 13.1%, seasonally adjusted, in February, while internet job advertisements soared by more than 19%, seasonally adjusted.

The ANZ figures either points to a strong labour force report on Thursday from the Australian Bureau of Statistics, or it’s a catch-up to the strength in employment in January when the unemployment rate surprised with a fall to 5.3%.

The NAB survey showed rose 4 points (to +19 points) in February, with confidence “returning to the surprisingly strong levels recorded in late 2009 and, before that, last seen in May 2002.

“Increased confidence was particularly noticeable in mining, retailing, wholesaling and transport. Confidence lifted sharply in Western Australia over recent months.”

At the same time the rebound in business conditions (up 5 points to +8), largely reflected better trading conditions and profitability (both up 5 points).

The employment index eased marginally but labour market conditions remain firmly positive. At +8 index points, overall business conditions in February are not much below the strong conditions recorded in late 2009 (+10 points in December),” the NAB said..

“Most sectors reported an improvement in business conditions, with mining showing a very sharp turnaround from January and recreation and  personal services higher. Manufacturing and retailing while stronger in the month are trending down given recent weakness. Conditions worse in wholesale and construction,” the bank said today.