There are growing signs that the slowdown in the housing market is weighing on people’s willingness to spend. Westpac’s recent confidence surveys suggest that consumers remain in a relatively good mood, but spending on debit and credit cards has flattened out over the course of this year.
Over the past year we’ve seen both households and businesses becoming increasingly confident about the economic outlook. Westpac economist Shyamal Maharaj looks at how this confidence is reinforcing expectations for firm economic activity over the coming year.
Following Westpac's proposal to close 19 banks in mostly provincial areas, First Union says ANZ is considering closing five of its branches. The branches are located in Palmerston North, Milton, Ngaruawahia, Otorohanga and Te Aroha.
A proposal to close 19 Westpac banks around New Zealand has sent shock waves rippling through provincial communities. The majority of the banks are located in provincial towns where retail has been especially vulnerable, such as Wainui and Waikanae. A retail expert says it's part of the wider industry trend of shops disappearing from small town New Zealand.