Westpac McDermott Miller quarterly survey had dipped in Q4 of 2017 post-election

The result for the January to March quarter of 2018 shows an improvement to 111.2

  • hospitality sector positive conditions
  • households more upbeat about the economy's long-term trajectory
  • number of households increased spending on entertainment & dining out at its highest in 11 years

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Little NZD impact from this, expect a bit more impact from the dairy auction later (London time!). I'll have more to come on this separately