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Financial News: Australia Westpac Leading Index Rises In November

Australia Westpac Leading Index Rises In November

12/22/2021 - 00:53:00 (RTTNews)

(RTTNews) - Australia's leading index improved in November but remained slightly negative, data from Westpac showed on Wednesday.

The six-month annualized growth rate in the Westpac-Melbourne Institute Leading Index rose to -0.2 percent in November from -0.5 percent in October.

The index signals the likely pace of economic activity relative to trend three to nine months into the future.

The growth rate has been in negative zone for three straight months, partly reflecting the lockdowns in NSW and Victoria, but only marginally below zero compared to the deeply negative reads seen during the last year's COVID shock.

Westpac sees considerable uncertainty around the growth outlook for the next few years. GDP growth is seen at 3.6 percent in 2021/22 and 5.6 percent in 2022/23.

Westpac said it currently favors the taper option of the Reserve Bank. But it will review that call before the February meeting in the light of the upcoming developments, Bill Evans, chief economist at Westpac said.

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