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The outlook for economic growth continues to weaken but Australia should sidestep a recession in 2009, according to the Westpac-Melbourne Institute Leading Index.
The Index, which indicates the likely pace of economic activity three to nine months into the future, slowed 0.5 per cent in October to 0.6 per cent.
While the slowdown was not as sharp as the four per cent decline recorded in September, the index indicated that growth in 2009 would indeed be weak.
Westpac chief economist Bill Evans said there was no indication of a recession but rather weak, albeit positive, growth.
Mr Evans said the bank was now forecasting the cash rate to bottom out at 2.75 per cent by the June quarter.
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