The Westpac-Melbourne Institute Leading Economic Index in Australia droped by 0.3 percent month-over-month in August 2019, reversing from a 0.1 percent rise in the previous month. Meanwhile, the six month annualised growth rate, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell to -0.35 percent in August from 0.01 percent in July. "At this stage, we continue to see no reason why the central bank should delay the move with a cut in October looking to be the better option," said Westpac chief economist Bill Evans. Leading Economic Index in Australia averaged 0 percent from 1960 until 2019, reaching an all time high of 0.54 percent in April of 1975 and a record low of -1.10 percent in December of 2008.
Leading Economic Index in Australia is expected to be 0.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Leading Economic Index in Australia to stand at 0.10 in 12 months time. In the long-term, the Australia Leading Economic Index is projected to trend around 0.20 percent in 2020, according to our econometric models.