The Westpac-Melbourne Institute Leading Economic Index in Australia declined by 0.06% yoy in May 2022, the same pace as April's upwardly revised figure while representing the second straight month of fall. Meanwhile, the six-month annualized growth rate, which indicates the likely pace of economic activity relative to trend three to nine months into the future, slowed to 0.58% in May from 1.09% in April. Westpac chief economist Bill Evans said that here had been a significant shock to consumer confidence and a major contributor to the slowdown in May. “We expect this to see the growth rate in the economy fall below trend and should be foreshadowed by negative reads for the leading index growth rate later this year," he added. However, in the interim, like the leading index suggests, the economy’s positive momentum will carry through the June and September quarters as consumer spending continues to benefit from the post-COVID reopening and support from high household savings. source: Melbourne Institute
Leading Economic Index in Australia averaged 0 percent from 1960 until 2022, reaching an all time high of 0.76 percent in November of 2020 and a record low of -1.74 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 June of 2022.
Leading Economic Index in Australia is expected to be 0.20 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 0.20 percent in 2023, according to our econometric models.