Summary points from WPAC's report:
* Growth rate slows to 0.40% from 0.56%
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Still indicating above trend growth momentum near term
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Slowing pace points to economic slowdown later in 2022
And, further:
* The June Index is capturing the very early impact of central bank tightening cycles.
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Westpac currently expects growth to slow from 4% in 2022 to 2% in 2023. That outlook is highly dependent on the profile for the Reserve Bank’s tightening cycle.
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Despite the recent slowing, the Index growth rate is still up on the start of the year.
This article was written by Eamonn Sheridan at www.forexlive.com.
http://dlvr.it/SVBRTF
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