Transport is up 3.7%, partly due to the tourism boom but also due to a large increase in forestry and logging; manufacturing is up 1.2%; and construction is up 2.1%.
God help NZ if there is a drop in house prices and/or a reasonable jump in interest rates - which will happen sometime. We should be focusing on debt reduction as a priority.
Under normal circumstances a central bank would not be cutting interest rates right now.
"Well as a saver (getting screwed) I'd like to have a word with the idiot in Reserve Bank who decided locking themselves into projections in this volatile politico/economic environment the politicians have forced on us was a good idea"