The Westpac-Melbourne Institute Leading Economic Index for Australia was unchanged in September 2025, following a 0.1% decline in the previous month. Meanwhile, the six-month annualized growth rate improved slightly to 0.04% from –0.16%. The data indicates moderating momentum compared to the start of the year, though the economy remains on track for around-trend growth in early 2026. After peaking at 0.83% in February, the growth rate eased to near zero in June and has hovered around that level since, consistent with trend-paced activity. Westpac projects the Australian economy to expand about 2% in 2025, with growth returning to its trend rate next year.