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

 


NZ consumer confidence edges down this month

NZ consumer confidence edges down this month, optimism still supports growth

March 21 (BusinessDesk) - New Zealand consumer confidence edged down for a second month, though the underlying optimism still supports the gathering economic momentum.

The ANZ-Roy Morgan consumer confidence index fell to 132 this month from 133 in February. The current conditions decreased to 125.7 from 127 and the future conditions index slipping to 136.2 from 137.1. ANZ Bank New Zealand chief economist Cameron Bagrie said the index remains buoyant, and on a seasonally adjusted basis is at its highest level since February 2005.

“Our composite growth indicator continues to flag potential for the economy to boom, indicating 6 percent growth,” Bagrie said.

“We continue to rule out such a growth trajectory in practice given the limited availability of spare capacity in the economy. However, we’ll side with the vibe; the economy is trundling along nicely,” he said.

The survey comes a week after the Reserve Bank hiked the official cash rate a quarter-point to 2.75 percent as a means to clamp down on the threat of inflationary pressures.

The survey shows a net 76 percent of the 1,020 respondents expect prices to go up in the next two years, at an annual pace of 3.4 percent. A net 71 percent of respondents think house prices will rise over the next two years, at an annual pace of 3.8 percent.

A net 44 percent said now was a good time to buy a major household item, down from 47 percent in February.

A net 8 percent said they were financially better off than a year earlier, and a net 36 percent expect to be better next year. A net 34 percent expect good New Zealand economic conditions in the coming year, and a net 38 percent see good times ahead over the next five years.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Planes: Jetstar Launches Regional Network With $9 Fares, Five Routes

Jetstar, the Qantas Airways budget offshoot, launched its new regional network in New Zealand with special $9 one-way fares and has narrowed down its choices to five routes and four destinations - Nelson, Napier, New Plymouth, and Palmerston North. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news