New Zealanders are feeling pessimistic about the economy, worried about rising interest rates and the prospect of new Covid-19 variants, Westpac’s latest consumer confidence data shows. The bank’s consumer confidence index dropped 3.6 points in the December quarter, to 99.1. “It’s been a stressful year for a lot of New Zealand households,” said Westpac senior economist Satish Ranchhod. “Borrowing costs have already taken a bite out of many households’ disposable incomes, and many more will face re-fixing at higher interest rates over the coming year. Households earning more than $100,000 were still optimistic but their confidence had dropped 3.7 points to 111.3.

Source: Stuff December 19, 2021 23:07 UTC