AUSTRALIA LEADING INDEX CONTINUES RISE IN DECEMBER Westpac Banking Corp and the Melbourne University Institute of Applied Economic and Social Research said their leading index of Australian economic activity rose for the ninth successive month in December. The index rose to 134.1 (base 1980) from 129.8 in November and 122.8 a year earlier, the Westpac-Institute report said. Annualised, it rose 13 pct in December against seven pct in November and one pct a year earlier, based on the ratio of the latest index to the average over the previous 12 months. The report said the index is now 12 points or 9.8 pct above its trough in March 1986. Westpac's chief economist Bob Graham said the consistent upward trend in the leading index emphasised the need for a tough mini-budget in May. "An untoward increase in consumption spending before the balance of payments improves would have disastrous consequences," he said. The coincident index also rose an annualised three pct in December against zero movement in November and a seven pct rise a year earlier, Westpac and the Institute said. They said this index continued to show the current recession is shallow and is more likely to involve a slowing in real growth than an absolute fall in economic activity.