The ANZ Truckometer heavy traffic index was down 1.3% month-on-month in June while remaining up 3% versus a year ago.
The light traffic index (motorbikes, cars and vans) also fell 1.3% in June and is 0.9% higher than a year ago.
ANZ says the light traffic data typically provides a six-month lead on momentum in the economy, with variation reflecting discretionary spending on outings, movement of couriers, tradespeople and more.
“The trend in light traffic is very mildly upward over recent months. In per capita terms, light traffic is going sideways,” ANZ chief economist Sharon Zollner says.
Heavy traffic data (mostly trucks, but also buses) tends to provide a steer on production GDP in real time.
“The [heavy traffic index] fell 1.3% in June but is still trending higher, suggesting the economic recovery continues.
“The per capita HTI is also trending higher after a sharp fall in the middle of last year coinciding with recession in the GDP data, but the June month was soft,” Zollner says.
