2021.03.1706:42:00UTC+00Australia Westpac Leading Index Signals Positive Growth

Australia's leading index continued to suggest that the economic growth will remain positive through much of 2021, latest survey results from Westpac and the Melbourne Institute showed on Wednesday.

The six-month annualized growth rate in the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, fell to 2.64 percent in February from 3.83 percent in January.

The economy is expected to grow 4.5 percent this year driven by strong consumer spending.

Over the last six months, the growth rate in the leading index was lifted to 2.64 percent from -0.2 percent.

Bill Evans, chief economist at Westpac said, the Reserve Bank of Australia is set to remain on hold for the next few months before the Board decides whether to extend its Yield Curve Control policy to a longer bond than the current April 2024 bond.