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40 years of the Rich List: from $5.3b to $129b
Hamish McNicol
Mon, 15 Jun 2026
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RICH LIST
Mon 15 Jun 2026 11:02:49am
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Mon 15 Jun 2026 11:02:49am
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Pressure pains linger for New Zealand’s economic recovery
Consumers conserved fuel consumption in May, while increasing spending in other parts of the economy, according to Statistics NZ data today.
Retail spending using electronic cards rose 1.7%, or $121 million, in May when compared with April. Gains were recorded in household durables and consumables, as well as hospitality and clothing, while spending on fuel declined last month.
In actual terms, cardholders made 178 million transactions across all industries in May, with an average value of $54 per transaction. The total amount spent using electronic cards was $9.6 billion.
Other data today showed the services sector remained in contraction territory, with all indicators in the red for May, and a number of negative comments about rising costs and weak demand linked to a lack of consumer confidence.
On Friday, manufacturing data from BNZ and BusinessNZ also showed that sector slipping into contraction, with concern about new orders activity and the economic outlook.
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