The Westpac–Melbourne Institute Leading Economic Index was flat in July after an upwardly revised 0.1% gain in the prior month. Meanwhile, the six-month annualised growth rate improved to -0.2% from -0.4%, though it remained below trend for a seventh straight month. Momentum has firmed modestly since mid-year, pointing to an economy that is soft but not weak, with GDP growth likely to stay positive even as per-capita output hovers near flat. Westpac expects the Reserve Bank to hold rates again in September while stressing readiness to tighten if inflation proves sticky. Head of Macro-Forecasting Matthew Hassan said softer growth signals should reassure the board that demand is gradually aligning with supply, though the moderation also underscores resilience. The key issue remains whether growth slows enough to return inflation to the 2–3% target range in time. source: Melbourne Institute

Leading Economic Index Australia decreased 0 percent in July of 2026 over the same month in the previous year. Leading Economic Index in Australia averaged 0.00 percent from 1960 until 2026, reaching an all time high of 0.69 percent in November of 2020 and a record low of -1.92 percent in April of 2020. This page provides the latest reported value for - Australia Leading Economic Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Australia Leading Economic Index - data, historical chart, forecasts and calendar of releases - was last updated on September of 2026.

Leading Economic Index Australia decreased 0 percent in July of 2026 over the same month in the previous year. Leading Economic Index in Australia is expected to be -0.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Leading Economic Index is projected to trend around 0.40 percent in 2027 and 0.30 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-07-22 01:00 AM
Westpac Leading Index MoM
Jun 0% -0.1% -0.2%
2026-08-26 01:00 AM
Westpac Leading Index MoM
Jul 0% 0.1% 0.1%
2026-09-16 01:00 AM
Westpac Leading Index MoM
Aug 0% 0.2%


Related Last Previous Unit Reference
Bankruptcies 1211.00 1334.00 Companies Jul 2026
Building Capital Expenditure 2.10 -3.30 percent Jun 2026
NAB Business Confidence -6.00 -6.00 points Jul 2026
Business Inventories -0.20 0.70 percent Jun 2026
Capacity Utilization 79.40 74.00 percent Aug 2026
Passenger Car Sales 13592.00 13393.00 Units Aug 2026
Changes in Inventories 71.00 749.00 AUD Million Jun 2026
Composite Leading Indicator 100.24 100.33 points Jun 2026
Company Gross Profits 134696.00 132311.00 AUD Million Jun 2026
Corruption Index 76.00 77.00 Points Dec 2025
Corruption Rank 12.00 10.00 Dec 2025
Industrial Production 0.50 2.50 percent Jun 2026
Industrial Production Mom 0.20 -0.90 percent Jun 2026
Ai Group Industry Index -3.50 -26.30 points Aug 2026
Ai Group Services Index -0.20 -21.80 points Aug 2026
Ai Group Construction Index -6.90 -43.50 points Aug 2026
Ai Group Manufacturing Index -16.60 -19.30 points Aug 2026
Westpac Leading Index MoM 0.00 0.10 percent Jul 2026
Manufacturing Production 1.10 3.20 percent Jun 2026
Mining Production 0.30 3.10 percent Jun 2026
New Orders 33.00 33.00 points Mar 2026
Plant Machinery Capital Expenditure -8.90 18.40 percent Jun 2026
Private Capital Expenditure -3.60 6.90 percent Jun 2026
Small Business Sentiment -2.00 -8.00 points Sep 2025
New Vehicle Sales 100939.00 103656.00 Units Aug 2026


Australia Leading Economic Index
The Westpac-Melbourne Institute Leading Index of Economic Activity combines a selection of economic variables that typically lead fluctuations in economic activity into a single measure that provides a reliable cyclical indicator for the Australian economy. The index includes the following components: S&P/ASX 200, dwelling approvals, US industrial production, RBA Commodity Prices Index (A$), aggregate monthly hours worked, Westpac-MI CSI expectations index, Westpac-MI Unemployment expectations index, yield spread (10Y bond – 90D bill). The index has a base value of 100 as of 1996.
Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.10 0.69 -1.92 1960 - 2026 percent Monthly
1996=100

News Stream
Australia Leading Index Subdued
The Westpac–Melbourne Institute Leading Economic Index was flat in July after an upwardly revised 0.1% gain in the prior month. Meanwhile, the six-month annualised growth rate improved to -0.2% from -0.4%, though it remained below trend for a seventh straight month. Momentum has firmed modestly since mid-year, pointing to an economy that is soft but not weak, with GDP growth likely to stay positive even as per-capita output hovers near flat. Westpac expects the Reserve Bank to hold rates again in September while stressing readiness to tighten if inflation proves sticky. Head of Macro-Forecasting Matthew Hassan said softer growth signals should reassure the board that demand is gradually aligning with supply, though the moderation also underscores resilience. The key issue remains whether growth slows enough to return inflation to the 2–3% target range in time.
2026-08-26
Australia Leading Index Stable in June
The Westpac-Melbourne Institute Leading Economic Index was flat in June 2026, following a revised 0.1% fall in May, with the underlying index showing signs of stabilisation after most of the weakness emerged in the first three months of the year. Meanwhile, the six-month annualised growth rate fell to -0.36% from -0.25% in May, marking the sixth consecutive below-trend reading and the weakest pace since late 2023. The latest reading points to slowing economic momentum, reflecting the lagged impact of the RBA’s rate hikes in February, March, and May, along with earlier fuel price shocks linked to geopolitical tensions. A narrowing yield spread was the largest contributor to the deterioration, while weaker dwelling approvals, consumer expectations, and hours worked also weighed on the index. However, renewed inflation risks and Middle East tensions could weigh on growth ahead. The RBA will focus on the June quarter CPI report ahead of its August meeting.
2026-07-22
Australia Leading Index Subdued in May
The Westpac–Melbourne Institute Leading Economic Index was flat month-over-month in May 2026 after an upwardly revised 0.1% gain in the previous month, underscoring weak momentum. Meanwhile, the six-month annualised growth rate edged to -0.17% from -0.18% in April, signalling below-trend growth likely through late 2026 into early 2027. While no sharp downturn is evident, the drag from higher rates and elevated fuel costs is expected to build gradually. At its June meeting, the Reserve Bank paused to gauge the impact of earlier hikes and the energy shock but warned inflation risks remain skewed upward, leaving scope for further tightening. Consistent with the leading Index, growth appears subdued, though inflation remains the central bank’s primary concern. Westpac expects upcoming CPI to remain uncomfortably high, raising the odds of additional hikes in the coming months.
2026-06-17