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Satish Ranchhod, senior economist at Westpac, points out that New Zealand’s retail spending rose by 1.6% in the September quarter and was a little above our forecast for a 1.4% rise and well above the average market forecast for a 0.5% gain.

Key Quotes

“Today’s result supports our view that New  Zealand’s economic cycle is starting to turn, with the pickup in the housing market an important boost for spending appetites.”

“We expect to see retail spending levels continuing to rise over the coming year, supported by low interest rates and increases in Government spending.”

“Retail price growth remains muted.”