Westpac Bank and the Melbourne Institute released its leading index for Australia on late Tuesday. The index declined 0.2% in November, after a 0.1% in October.

"This result is a little disappointing. In the two previous months we had seen some modest improvement in the growth rate raising hopes that growth in the Leading Index might exceed trend by year's end," Westpac Bank said in its statement.

Westpac expects the Australian economy to expand 2.8% in 2015-16 and 2.7% in 2016-17.