The Westpac-Melbourne Institute Leading Economic Index in Australia increased by 0.1 percent month-over-month in July 2019, reversing from a 0.1 percent drop in the previous month. Meantime, the six-month annualized growth rate, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose to 0.05 percent in July from -0.09 percent in June. “This is first above trend read since November last year. Further confirmation of this around trend reading would be consistent with the economy growing around trend for the last three or four months of 2019 and well into the first half of 2020," 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.