Heavy traffic fell 2.5% in February after a strong start to the year, according to the ANZ Truckometer Heavy Traffic Index.
The light traffic index also eased a further 0.2% month-on-month and was its third consecutive fall.
ANZ Chief Economist Sharon Zollner says despite the dip in heavy traffic “the positive trend remains in place”.
The index suggests the economy grew solidly in the fourth quarter and 2018 has “started reasonably well despite the monthly dip”.
“The light traffic index is now falling, sending a soft signal for GDP growth from the middle of this year.
“We will be watching this data closely over coming months, as although the correlation to GDP growth has not been tight lately, and annual growth remains strong, this is the weakest signal for quarterly GDP growth this indicator has given for some time,” Zollner says.
