Westpac-MI leading index falls back in March; weak growth expected over 2024

Summary: Leading index growth rate down in March; update points to Australia’s sub-trend growth continuing throughout 2024; reading implies annual GDP growth of around 2.5%; ACGB yields rise; rate-cut expectations soften; persistently soft results suggest growth will remain weak over remainder of year. Westpac and the Melbourne Institute describe their Leading Index as a composite measure which attempts to estimate the likely pace of Australian economic growth in the short-term....

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