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Financial News: New Zealand Credit Card Spending Highest Since October

New Zealand Credit Card Spending Highest Since October 2021

09/21/2022 - 09:00:00 (RTTNews)

(RTTNews) - New Zealand credit card spending rose to the highest in eleven months, data from the Reserve Bank of New Zealand revealed on Wednesday.

Total credit card billings rose 5.1 percent monthly in August, following a 1.8 percent increase in July. Spending rose for the sixth consecutive month.

The latest spending was the highest since October last year, when spending grew 8.8 percent.

Seasonally adjusted total billings in New Zealand were NZ$4.4 billion in August, which was the highest on record.

Total advances outstanding at the end of August were NZ$6.0 billion, up 3.9 percent from a year ago.

Domestic billings grew 1.7 percent monthly to NZ$3.926 billion, and overseas billings advanced to NZ$544 million in August, which was the highest since October 2019, data showed.

On a yearly basis, total billings gained 29.4 percent in August, following a 5.1 percent rise in the previous month.

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