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
- Clinton regains lead with post-convention bounce
- Serious cybersecurity skills shortage sparks calls for better training
- Sage isn’t “relatively safe” says Xero’s UK boss
- Banks don’t like tiny apartments: a flaw in the Auckland unitary plan
- Gaming company founder after acquisition: 'we will retain control'
Most listened to
- Business Week in Review with Grant Walker & Andrew Patterson
- NBR Radio Rich List Special: Interviews with Rich Listers, philanthropists, property gurus, investors and much, much more
- “Trevor Mallard better watch out” - Matthew Hooton
- Rodney Hide on government spending
- Michael Coote thinks Donald Trump wants to flex his muscles by humiliatingly screwing over other countries