The Westpac-Melbourne Institute Leading Economic Index in Australia tumbled 1.5 percent month-over-month in April 2020, the weakest reading on record, following a downwardly revised 0.7 percent fall in the previous month. Meantime, the six month annualized growth rate in the index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell to -5.16 percent from -2.34 percent in March. "The speed of the collapse in the Index is unprecedented. We do not expect the economy to return to pre-Coronavirus levels of activity before 2022, " said Westpac’s chief economist, Bill Evans. “The Reserve Bank Board next meets on June 2. As we saw in the minutes for the May meeting the board is committed to maintaining its significant support for the economy for the foreseeable future."
Leading Economic Index in Australia averaged -0.01 percent from 1960 until 2020, reaching an all time high of 0.54 percent in April of 1975 and a record low of -1.50 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 2020. source: Westpac Banking Corporation, Melbourne Institute
Leading Economic Index in Australia is expected to be -0.50 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 2021, according to our econometric models.