New Zealand ANZ Consumer Confidence rebounded by 12pts to 97.3 in May, but remained at “very subdued levels”. Consumers’ perceptions regarding next year’s economic outlook lifted 10 pts -46, still at very low level.

ANZ said: “We absolutely should celebrate our success in beating back COVID-19, but the wreckage lies all around us. The loss of jobs in international tourism in particular is a hole that won’t be filled easily or quickly. We see elevated unemployment affecting household sentiment and spending for a long time yet.”

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The government relaxed the coronavirus restrictions further today, allowing gatherings of up to 100 people. Finance Minister Grant Robertson said New Zealand “now has some of the most relaxed settings in the world. Because of our success in fighting this virus, our public health efforts to go hard and go early have allowed us to open up our economy much quicker than many other countries,” he said.”

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