The ANZ Truckometer heavy traffic index was down 3% month-on-month in May and is up 1.7% versus a year ago.

The light traffic index fell 0.5% in May and is up 0.3% versus a year ago.

ANZ chief economist Sharon Zollner says the heavy traffic index continues to trend higher despite unwinding last April’s 2.7% monthly rise.

“The per capita [heavy traffic index] is also trending higher,” she says.

“The trend in light traffic is mildly upward over recent months.

“In per capita terms, light traffic has flattened out after a sharp drop, like GDP,” she says.