By John S. McClenahen Down under, things are looking up. Australia's index of leading economic indicators rose 0.7% in June, following several months of much smaller gains, reports the New York-based Conference Board, a business research group. "The leading index is signaling that [inflation-adjusted] GDP should start increasing more rapidly in coming quarters," it states. Australia's real GDP increased at an annual rate of only 0.9% in the first quarter of this year. Australia's leading index now stands at 152.5 (1990=100).