The foot may be coming off the accelerator, but there is no sign the economy is going into a "panicked skid" according to ANZ's latest report on traffic flows.
The bank's "Truckometer" index, measuring truck and lighter traffic flows, is seen as a timely measure of economic activity.
In July, the heavy-traffic index rebounded 2.6 per cent, after falling in the two previous months.
The latest result was a "good start" for the September quarter.
The heavy traffic index suggested economic growth of about 0.6 per cent in the June quarter, which was respectable, but down from the 1 per cent or better seen in the past three quarters.
ANZ, looking at a wider range of indicators, forecast June quarter growth of 0.7 per cent.
The light-traffic index was flat in July, after falling in 0.8 per cent in June. Light traffic is seen as a leading indicator for economic growth.
While economic growth in the June quarter may have slowed, the signs for the rest of the year "remain very robust", ANZ said.