The six month annualized growth rate in Westpac-Melbourne Institute Leading Index rose from -0.5% to -0.2% in November. The index has been in negative territory for three consecutive months, partly reflecting the lockdowns in New South Wales and Victoria. Nevertheless, reopening rebounds should eventually lift growth back above trend.
Westpac said both itself and the RBA “currently believe that Omicron will not derail the recovery although the next month will determine the extent of the delay and uncertainty.”
