NZ Economy Sees Minor Growth, ASB Raises Term Deposit Rates

ASB raised its term deposit rates on Thursday, while the New Zealand economy saw minor growth in the June quarter. According to Interest.co.nz, the construction sector contributed +0.2% to the economy's growth from the March quarter, making economic activity +2.6% higher than a year ago.

However, real gross national disposable income was down -0.4% compared to the March quarter, and real gross national disposable income per capita fell -0.6%. This decrease affected the year-on-year gains for these metrics.

Cotality attributed the current property slump primarily to fewer homeowners selling their existing homes to buy another.