20.09.201701:59:00UTC+00Australia Leading Index Falls In August: Westpac

Australia's leading index remained in negative territory for the third successive month in August, the Westpcac Institutional Bank said Wednesday.

The Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, dropped to -0.19 percent in August from -0.04 percent in July.

Based on these figures, Westpac chief economist Bill Evans said that economic momentum will be slow for the six to nine month ahead.

The index suggests that Australian economic growth will come in below 2.75 percent, widely perceived to be Australia's current trend rate.