Reserve Bank, Landlords Drive NZ Consumer Confidence to Near Record Lows

Published on June 18, 2024

New Zealander consumer optimism is at near all-time lows since surveying on the metric began. An 11-point drop to 82.2 in Westpac McDermott Miller Consumer Confidence Index for the June, wiping out previous gains over the last six months. A level below 100 signals that the number of New Zealand households that are pessimistic about the economy outweighs those who are optimistic. In addition, 42 percent of households said their financial position had deteriorated over the past year, while just 14 percent said it had improved. In February, the Reserve Bank of New Zealand (RBNZ) held the official cash rate at 5.5 percent, and its Monetary Policy Committee warned, “The OCR needs to remain at a restrictive level for a sustained period of time to ensure [inflation returns to the 1 to 3 percent band],” ending any hope of an early easing....

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