The ANZ Truckometer shows economic growth could be easing, with slight falls in January’s Heavy Traffic Index and Light Traffic Index.
The Heavy Traffic Index dipped 0.8% but continues an overall trend upward, while the Light Traffic Index fell 0.5% in January, flattening out overall.
“Given mounting evidence that the economy is attempting to grow faster than it sustainably can, we do expect to see growth ease over the course of this year, but to rates that are still more than respectable,” ANZ says.
Labour shortages, high debt levels, and less appetite and ability of financial intermediaries to lend are all issues facing the economy, according to the report.
“We expect this half year may mark the peak of the economic cycle, in growth terms. This certainly does not mean that we expect that a sharp downturn is around the corner,” ANZ says.
“As has been the case for some time, we are closely watching a number of global risks, which have been brought into focus by the intersection of heavy debt loadings and the recent rise in interest rates.
“Global politics also has the potential to add volatility. However, we expect that left well enough alone, this economy could truck on for a while yet.”
