Westpac leading index in Australia inclined by 1.1% in July compared with a previous 1.1% that was revised to 0.9%, while it came better than the forecasted 0.7%. On the other hand, the index fell 1.8% on year basis in July coming after a decline by 4.6% in June.

The Australian economy proved that it is performing better than other world economies as consumer spending gained supporting the economy along with improving housing sector and recovering exports. The Reserve Bank decided to keep interest rates at 3.00%, while it said the next move may be an increase as the economy is improving.