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(CEP News) - Westpac's leading index gained 7.5% in December, more than November's 4.3% month-over-month gain.
Still, the index is down 18.2% from one year ago. Westpac's report said the Reserve Bank of Australia's sharp 300 basis points in interest rate cuts over the last three months are "finally getting some traction." Four of the five components in the index saw an increase. The sharpest increases were seen in the family finances from one year ago, up by 4.6% from a 7.8% decline in November, and a 28.2% increase in those willing to buy major household items, up from a 15.8% increase in November. Family finances for the year ahead increased by 5.3%, up from a 0.1% decrease in November. The economy one year ahead index grew by 5.7% from a 1.8% decrease in November, while the economy five years ahead fell by 3.7%, against a 15.7% increase in November. By Megan Ainscow,
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