Prior revised to -0.11%

Westpac says it could have been worse:

  • The Leading Index has held up surprisingly well during this downturn but it seems likely that there is more weakness on the way.

And:

  • The Leading Index growth rate has fallen abruptly over the last five months, from 3.43% in March to just 0.54% in August.
  • By December we would be expecting to see signs of this recovery in the Leading Index as it paves the way for a very strong rebound in 2022, highlighted by a 5.6% lift in the first half of the year.