Westpac Bank released the Westpac-Melbourne Institute leading economic index for Australia on late Tuesday evening. The leading economic index declined 0.2% in February, after a 0.1% rise in January. January's figure was revised up from a flat reading.

"Despite some improvement over the last two months, the Leading Index continues to point to below trend growth through much of 2016, implying a slowdown from 2015's slightly above trend pace," Westpac's Chief Economist, Matthew Hassan, said.