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

 

NZ consumers more upbeat about current situation

NZ consumers more upbeat about current situation

By Rebecca Howard

April 26 (BusinessDesk) - Consumer confidence was a touch higher in April as New Zealanders were more upbeat about their current finances.

The latest ANZ-Roy Morgan survey of consumer confidence rose 1.4 points to 123.2 in April, above the neutral 100 point level and around the historical average.

Perceptions of current conditions rose 4.8 points to 129.8, the highest level since the beginning of the year. The future conditions index eased 0.9 of a point to 118.8.

People's perceptions of their current financial situation rose 2 points to a net 14 percent feeling financially better off than a year ago. A net 30 percent of consumers expect to be better off financially this time next year, up 1 point.

"Consumer confidence remains robust, holding onto a rebound from the lows of late-2018. The overall index remains around its historical average, defying housing market softness and global and domestic growth risks," said ANZ Bank chief economist Sharon Zollner.

"Confidence about current conditions picked up sharply in April, and is flirting with post-GFC highs," something Zollner attributes to the strong labour market.

The number of people who think it's a good time to buy a major household item rose eight points to a net 46 percent, which is supportive of household spending despite soft housing market activity, Zollner said.

She added, however, that caution around the economic outlook has kept confidence about future conditions a "little more subdued."

ANZ’s composite index of both consumer and business sentiment "continues to suggest that momentum in the economy has slowed considerably, but the composite has stabilised and even started to lift off its lows," she said.

The last ANZ business confidence survey showed the headline confidence index shed a further 7 points in March. A net 38 percent of respondents were pessimistic about general business conditions in the next 12 months. A net 6 percent expected their own businesses to improve, but that was down 5 points from February.

Zollner said the composite index was consistent with economic growth remaining subdued in the near-term, falling to 2 percent this year, before gradually building to 3 percent during the next few years.

ANZ will release the April business confidence survey on Tuesday.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Up 0.5% In June Quarter: Services Lead GDP Growth

“Service industries, which represent about two-thirds of the economy, were the main contributor to GDP growth in the quarter, rising 0.7 percent off the back of a subdued result in the March 2019 quarter.” More>>

ALSO:

Pickers: Letter To Immigration Minister From Early Harvesting Growers

A group of horticultural growers are frustrated by many months of inaction by the Minister who has failed to announce additional immigrant workers from overseas will be allowed into New Zealand to assist with harvesting early stage crops such as asparagus and strawberries. More>>

ALSO:

Non-Giant Fossil Disoveries: Scientists Discover One Of World’s Oldest Bird Species

At 62 million-years-old, the newly-discovered Protodontopteryx ruthae, is one of the oldest named bird species in the world. It lived in New Zealand soon after the dinosaurs died out. More>>

Rural Employers Keen, Migrants Iffy: Employment Visa Changes Announced

“We are committed to ensuring that businesses are able to get the workers they need to fill critical skills shortages, while encouraging employers and regions to work together on long term workforce planning including supporting New Zealanders with the training they need to fill the gaps,” says Iain Lees-Galloway. More>>

ALSO:

Marsden Pipeline Rupture: Report Calls For Supply Improvements, Backs Digger Blame

The report makes several recommendations on how the sector can better prevent, prepare for, respond to, and recover from an incident. In particular, we consider it essential that government and industry work together to put in place and regularly practise sector-wide response plans, to improve the response to any future incident… More>>

ALSO: