Credit card billings in New Zealand fell in October from the same month a year earlier in the first annual decline in three years.
Total billings in New Zealand shrank 0.9% to a seasonally adjusted $2.7 billion last month from October 2011 as spending on overseas cards shrank by a quarter, Reserve Bank figures show.
Last year's local billings on foreign-issued cards were bolstered by an influx of visitors for the Rugby World Cup.
Local billings on New Zealand issued cards rose 2.9% to $2.42 billion in October from a year earlier and were up 0.5% on a monthly basis.
Earlier this month, government data showed spending on credit and debit cards rose 4.6% to $5.61 billion in October from a year earlier, led by increases going on fuel and vehicles.
Credit cards accounted for about 44%t of transactions that month.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Still hope for TPP insists trade expert Stephen Jacobi
- NZIER's Christina Leung says increased migration is putting pressure on wages
- NBR’s Jenny Ruth with daily coverage of the Ralec case
- Iraq nears collapse while China doubts its own statistics in Foreign Affairs Scope with Nathan Smith
- Mark Weldon couldn't hack the pressure, says Bill Ralston