November 2015 Referrer News
New Zealand's economy and housing market are coasting into the summer in a more stable fashion after the winter's dramas over the dairy payout have given way to robust consumer spending, the spreading of Auckland's housing boom and a bumper crop of tourists.
Business and consumer confidence took a dive through May, June and July as dairy prices slumped and after the Reserve Bank and Government announced a double-pronged attack on Auckland's housing market.
But since then the automatic stabilisers have kicked in and both consumers and businesses are more upbeat heading into the Christmas party and spending season, and the autumnal house sales season.
The Reserve Bank cut the Official Cash Rate by 75 basis points through June, July and September, which helped drive the New Zealand dollar down almost 10 USc to around 65 USc. That also led to average fixed mortgage rates falling by almost 1% to around 4.5%.
New Zealand's economy and housing market are coasting into the summer in a more stable fashion after the winter's dramas over the dairy payout have given way to robust consumer spending, the spreading of Auckland's housing boom and a bumper crop of tourists.
Business and consumer confidence took a dive through May, June and July as dairy prices slumped and after the Reserve Bank and Government announced a double-pronged attack on Auckland's housing market.
But since then the automatic stabilisers have kicked in and both consumers and businesses are more upbeat heading into the Christmas party and spending season, and the autumnal house sales season.
The Reserve Bank cut the Official Cash Rate by 75 basis points through June, July and September, which helped drive the New Zealand dollar down almost 10 USc to around 65 USc. That also led to average fixed mortgage rates falling by almost 1% to around 4.5%.
