Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ credit card spending has first annual drop in 3 years

NZ credit card spending in October shows first annual drop in three years

Nov. 21 (BusinessDesk) - Credit card billings in New Zealand fell in October from the same month a year earlier in the first annual decline in three years.

Total billings in New Zealand shrank 0.9 percent to a seasonally adjusted $2.7 billion last month from October 2011 as spending on overseas cards shrank by a quarter, according to Reserve Bank figures. Last year's local billings on foreign-issued cards were bolstered by an influx of visitors for the Rugby World Cup.

Local billings on New Zealand issued cards rose 2.9 percent to $2.42 billion in October from a year earlier, and were up 0.5 percent on a monthly basis.

Earlier this month, government data showed spending on credit and debit cards rose 4.6 percent to $5.61 billion in October from a year earlier, led by increases spending on fuel and vehicles. Credit cards accounted for about 44 percent of transactions that month.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news