ANZ's Truckometer rebounded last month, but suggests the economy is not off to a strong start this year.
The Truckometer's heavy traffic index - which tracks truck movements on 11 roads selected to provide a good indicator of contemporaneous economic activity - rose 2.5 per cent in January.
However, that clawed back only half the fall recorded in December.
"The half-hearted bounceback from the December fall is, in context, not the most promising start to the March quarter," ANZ economist Sharon Zollner said.
"The underlying picture according to this indicator remains one of softness across the economy."