In New Zealand, the housing market has reversed some of the decline

In New Zealand, the housing market has reversed some of the decline in prices experienced over the past couple of years and a very gradual increase in household spending appears to be taking place. Government spending is also supporting activity. Business spending, however, remains weak and credit growth is very subdued.
“In contrast to current market pricing, we see no urgency to begin withdrawing monetary policy stimulus, and we expect to keep the OCR at the current level until the second half of 2010.”
The Official Cash Rate (OCR) remains unchanged at 2.5 percent.
Reserve Bank Governor Alan Bollard said: “There are welcome signs that economic activity is growing again.