Australia's Westpac leading index rose 0.9% in September compared with a previous 1.1% that was revised to 1.3%. As for the coincident index it rose 0.2% in September to reach 239.2 points. However, today's reading is giving a brighter outlook for the Australian economy in the upcoming three to nine months and it came after optimistic fundamentals witnessed recently showing most of economic sectors recovering.
The Australian economy expanded 1.0% in the first six months of this year avoiding technical recession backed by consumer spending and advancing exports. The RBA expected the economy to grow 1.75 this year compared with previous forecasts of 0.5% and economic growth is anticipated to accelerate to 2.25% by mid 2010.