The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index,
which indicates the likely pace of economic activity in accordance with trend three to nine months in to
the potential, fell from 1.11% in March to 0.92% in April.
Westpac's Chief Economist, Bill Evans, commented, “This marks the ninth consecutive month
where the development rate in the Index are at or above trend. That followed a period of seventeen
consecutive months where the growth rate had been below trend. That sustained period of
below trend growth in the sequence were pointing to the weakness we noticed in the economy in
the September quarter (even though no direct indicator may have prepared us for a damaging
progress print).
“The resumption of good progress in the Index in August last year gave us some comfort that
the bounce in growth in the December quarter to 1.1% could have been predicted.
“While the powerful bounce in the December quarter was partly statistical in reaction to
the damaging quarter in September