Summary points from WPAC’s report:

  • Growth rate slows to 0.40% from 0.56%
  • Still indicating above trend growth momentum near term
  • 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.
  • 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.
  • Despite the recent slowing, the Index growth rate is still up on the start of the year.

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