The Westpac-Melbourne Institute Leading Economic Index in Australia was flat from the prior month in April 2023, almost the same reading as in March. Meanwhile, the six-month annualized growth rate in the index, indicating the likely pace of economic activity relative to the trend three to nine months into the future, fell to -0.78% in April from -0.69% in the previous month. It was the ninth month of negative print, highlighting that the slowdown which began late last year is likely to extend through to the end of 2023 and into early 2024. "Westpac expects growth of just 1% in 2023 with this lackluster performance continuing in 2024 which is expected to show only a slight lift to 1.5%, said senior economist Matthew Hassan. "The Reserve Bank expects a similar, but slightly firmer, profile with growth forecast to slow to 1.2% in 2023, lifting to 1.7% in 2024. In both cases, activity contracts in per capita terms." source: Melbourne Institute
Leading Economic Index in Australia averaged 0.00 percent from 1960 until 2023, reaching an all time high of 0.68 percent in November of 2020 and a record low of -1.93 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 2023.
Leading Economic Index in Australia is expected to be -0.30 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 0.50 percent in 2024 and 0.30 percent in 2025, according to our econometric models.