The Westpac-Melbourne Institute Leading Index six-month annualized rate slowed to 0.6% in March, down from 0.9% in February.

• The Leading Index growth rate has lifted from –0.24% in September last year to +0.63% currently.
• Four of the eight components have driven the 0.87 ppt improvement: commodity prices adding 0.42 ppts, a widening yield spread adding a further 0.34 ppts, improving US industrial production adding a further 0.15 ppts and improving consumer expectations for jobs adding another 0.12 ppts.
• Westpac expects growth to track a slower recovery, lifting to 1.9% in 2025 revised down from a previously forecast 2.2%.