Economists have sounded the optimistic chime that over the year 2010, Australia's growth is going to triple.

The growth rate, as forecast by the Treasury and Reserve Bank, will be around 3% for the current year, which is a 1% growth compared to 2009. But on the other hand, the rapid rise in economy is expected to also highlight the skills shortage sharply and put additional pressure on infrastructure and inflation.

Julie Toth, a senior economist at ANZ, is expecting a cash rate of around 5% by the end of 2010, with the RBA lifting the official interest rate to match the rapid growth.

"Through the second half of 2009, we saw pretty much all economic indicators accelerating quite rapidly. As a result, the Reserve Bank's already had to move off that 3 per cent low that we saw earlier in the year and move back to what it regards to a more normal range for the cash rate for Australia", she said.

Also, experts have speculated that the Australian Dollar could also rise rapidly, staying at about 85 to 90 US cents for most part of the year.