From Westpac / Melbourne Institute, summary points:

  • The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, declined to -0.78% in April from -0.69% in March.
  • Leading Index growth rate remains stuck firmly below trend at –0.78%.
  • Ninth consecutive negative print.
  • slowdown in 2023 now looks set to carry into 2024.
  • Components show weakness shifting from financial conditions to construction and commodity sectors.
westpac melbourne institute leading index april 2023

The title of the report on the result is Leading Index points to weakness extending into 2024

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AUD is barely changed.