The ANZ Truckometer heavy traffic index fell 0.2% month-on-month in February but is up nearly 5% on the same period last year.
Meanwhile, the light traffic index continues to bounce around a flat trend, up 0.4% in February and just 0.1% y/y.
“The heavy traffic result could be characterised as strong given it followed a strong lift the previous month,” ANZ chief economist Sharon Zollner says.
“Light traffic typically provides a six-month lead on momentum in the economy. The trend in light traffic is flat, though it hasn’t dropped away in recent months as much as GDP has.
“In per capita terms, light traffic has flattened out after a sharp drop.
“The heavy traffic (mostly trucks) index per capita has bounced back after a sharp fall in the middle of last year,” Zollner says.
