NZ credit card spending shrinks 0.9pc

Total credit card billings shrank 0.9 per cent to a seasonally adjusted $2.7 billion last month from October 2011. Photo / TS
Total credit card billings shrank 0.9 per cent to a seasonally adjusted $2.7 billion last month from October 2011. Photo / TS

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 per cent to a seasonally adjusted $2.7 billion last month from October 2011 as spending on overseas cards shrank by a quarter, according to Reserve Bank figures.

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 per cent to $2.42 billion in October from a year earlier, and were up 0.5 per cent on a monthly basis.

Earlier this month, government data showed spending on credit and debit cards rose 4.6 per cent to $5.61 billion in October from a year earlier, led by increases spending on fuel and vehicles.

Credit cards accounted for about 44 per cent of transactions that month.

- BusinessDesk

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