Westpac Leading Index points to slow growth recovery

From Westpac’s Head of Australian Macro-Forecasting, Matthew Hassan.

Key points

Leading Index growth rate lifts to 0.32%, holding in slight positive territory.
Three quarters of components now giving positive growth signals.
External headwinds may intensify in 2025, especially around commodities.

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, stayed in positive territory in the November, lifting slightly to 0.32% from 0.22% in October.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.