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

 


NZ consumer confidence rebounds in June from a six-month low

NZ consumer confidence rebounds in June from a six-month low

By Tina Morrison

June 20 (BusinessDesk) - New Zealand consumer confidence rebounded from a six-month low in June, supported by a strong economy.

The ANZ-Roy Morgan consumer confidence index rose to 131.9 from 127.6 in May. A reading above 100 indicates optimists outnumber pessimists.

New Zealanders are feeling more buoyant on the back of a strong economy where the prospects of higher wages loom as employment increases and the cost of living is supported by low inflation, ANZ said. A report yesterday showed the economy expanded at a 3.3 percent annual rate in the first quarter, the fastest pace in eight years, while last week the Reserve Bank raised interest rates for a third time and signalled more hikes ahead.

"Sentiment is very solid under the bonnet," ANZ Bank New Zealand chief economist Cameron Bagrie said in a note. "That's an incredibly healthy sign; amidst rising interest rates there are wider influences that are supporting confidence."

The current conditions index rose to 127.5 from 123 last month as households felt better off financially compared to a year ago and still considered it to be a great time to buy a major household item. The future conditions index increased to 134.9 from 130.7 as those expecting good economic conditions in New Zealand over the next 12 months rose to a net 37 from a net 30 last month.

"All measures - headline sentiment, current and future conditions - are well north of the 100 benchmark, something of a breakeven mark for wallets being opened," Bagrie said "At these levels, wallets are not only open; the credit card is in hand."

Expectations of inflation remained unchanged from last month at a 21-month low of 3.1 percent.

Household sentiment strengthened in four of the five regions and was topped by Wellington to reach its highest level since January 2007. Meantime, confidence eased marginally in Canterbury, drifting down to a five-month low.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news