Credit card billings rise

Credit card billings in New Zealand rose during May amid an improving economy and certainty about tax cuts, official data showed on Tuesday.

The Reserve Bank of New Zealand said total billings rose a seasonally adjusted 1.9 percent last month, after a revised 1.6 percent decline in April.

Billings were 3.4 percent higher than a year earlier, after a revised rise of 0.7 percent the month before.

Other recent data on retail activity has shown a mixed picture, with retail sales down 0.3 percent in April, while electronic retail card spending rose 0.4 percent in May.

Two recent surveys have shown New Zealand consumer sentiment firm but with a degree of caution, despite the government's budget in May unveiling widespread personal tax cuts to offset a rise in the indirect value-added goods and services tax.

New Zealand's economy is expected to have grown 0.6 percent in the three months to March 31, continuing the gradual recovery after a recession and global financial crisis.

The central bank on June 10 raised its cash rate by 25 basis points to 2.75 percent after keeping it at a record low for almost a year. The central bank said it expected to keep raising rates in a gradual fashion but with an eye on the state of markets and strength of data.

- NZPA