MacroBusiness Access Subscriber Only Content Via Westpac: • The six-month annualised growth rate in the Westpac Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, eased from 3.31% in March to 2.85% in April. The Leading Index growth rate continues to point to strong above trend growth momentum carrying through the second half of 2021 and into early 2022. While the pace of gains has moderated, this is coming from an extremely strong starting point after the Index growth rate hit record highs late last year. April’s read may be down on those peaks, but it is still above all other growth rates recorded since the early 1980s.