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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news