Economic Buzz: Australia Leading Index Growth Lags In May

22 Jun 2022 , 11:58 AM

Australias leading index growth slowed in May largely due to the deterioration in consumer sentiment, data released by Westpac showed. Nonetheless, the index signaled above trend growth for this year. The six-month annualized 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, fell to 0.58 percent in May from 1.09 percent in April. Westpac said the consumer spending will continue to benefit from post-Covid reopening. But the decline in consumer confidence due to rising interest rate and falling house prices, will take its toll on spending later this year and into 2023. Powered by Commodity Insights