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Rural Areas Lead Eftpos Spending in June

Rural Areas Lead Eftpos Spending in June

Paymark figures highlight the strongest electronic spending growth rates for June were dominated by rural areas, suggesting New Zealand’s primary farming sector is providing the economic backbone during the leaner winter months of 2008.

New Zealanders spent $3.2 billion across the Paymark network during June. Electronic spending was up just 3.9% on June 2007, considerably lower than the year-on-year increases traditionally experienced. The typical drop in spending between May and June was larger than normal.

June is historically the month with the slowest growth rate of the year and there were plenty of reasons to tighten spending, including falling share values and rising oil prices, warnings from the Reserve Bank and the cold weather. But we are over the winter hollow, according to independent economist Anthony Byett, and can look forward to a gradual build up now to the busy Christmas period, helped along by impending tax cuts, high dairy payouts for farmers, and the prospect of interest rate cuts.

Paymark CEO, Simon Tong, says; “It is interesting that the main centres have well and truly been overtaken by rural regions in terms of electronic spending volume growth.”

The data (table below) shows electronic transaction growth in terms of volume is the highest in the West Coast (13.8%), Taranaki and Taupo (12.7%), South Canterbury (11.1%) and Southland (9.6%).

Paymark is New Zealand’s leading electronic payments provider. Its network processes three quarters of all electronic transactions and nearly 90% of Kiwis have a debit card. That puts us ahead of any other country in the world in terms of EFTPOS use.

ENDS

Jun-08 Paymark transactions $m %pa June quarter
Auckland/Northland 1,268.4 3.0% 6.1%
Waikato 226.9 6.3% 9.2%
Bay of Plenty 199.5 4.1% 6.5%
Gisborne 27.8 6.4% 6.1%
Taranaki & Taupo 75.6 11.6% 12.7%
Hawkes Bay 89.3 4.2% 5.5%
Wanganui 33.8 3.0% 6.6%
Palmerston North 101.8 3.0% 7.4%
Wairarapa 28.6 4.5% 6.7%
Wellington 338.7 2.2% 5.3%
Nelson 59.8 3.8% 7.3%
Marlborough 36.0 6.0% 8.1%
West Coast 22.9 9.2% 13.8%
Canterbury 378.8 4.6% 7.9%
South Canterbury 49.7 8.6% 11.1%
Otago 154.5 5.0% 7.7%
Southland 70.6 7.2% 9.6%

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