Treasury still picking 2025 growth to pick up despite weak May data

GDP data is being released Thursday. (Image: Getty)

Wed, 18 Jun 2025

Economic data for May was weak, but the Treasury is still expecting growth to pick up over 2025.“We’ve got a large interest rate decline, it’s still coming through in effective mortgage rates, very high terms of trade and a lower exchange rate,” Treasury's deputy secretary, Dominick Stephens, told the Finance and Expenditure Committee during Scrutiny Week.“It would be unusual for that not to lead to a pickup in growth over 2025.”Weaker dataStephens acknowledged, however, that a range of data points relate...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

Geopolitical tensions keep NZ sharemarket steady

The S&P/NZX 50 Index closed down 0.10%.

Tom Raynel 5:59pm

Markets

Analysts expect THL buyout price to rise

BGH Capital’s recent acquisition attempt was rejected for undervaluation.

Gregor Thompson 2:00pm

Analysts expect THL buyout price to rise

Markets

Govt carbon auction attracts no bids

No one even registered to take part in the second auction of the year.

Ian Llewellyn 1:45pm

Sponsored

New Zealand’s AI imperatives: Transparency and the human touch

Hard-hitting report warns uncertainty could block progress.

One NZ

Sponsored

You might not need a bigger budget – just a bolder mindset

Challenger brands don’t always outspend – they outthink. Here’s why bold ideas often win.

YoungShand

More Economy

Economy

Modest rise in consumer confidence

Consumer confidence continues to tread water, but households could soon receive a back-pocket boost of hundreds of dollars, says a Westpac economist.The Westpac McDermott Miller Consumer Confidence index rose two points to 91.2 in the June quarter.Westpac senior economist Satish...

Staff reporters 12:05pm