That upbeat headline is a summary of the New Zealand Treasury's

The major points made:

  • The Government released its first Wellbeing Budget
  • Retail sales maintained momentum in the March quarter
  • Annual trade deficit narrows and terms of trade improve
  • Trade tensions escalate and weigh on global economic activity
  • RBNZ and Reserve Bank of Australia ease monetary policy

And, more:

Building consents have fallen back over the past two months, but remain at historically high levels

  • will support growth in residential investment through the rest of the year

Business confidence lifted slightly in May

  • net 9% of firms now expecting their own activity to increase, although a net 32% still expect general business conditions to deteriorate in the year ahead.

Consumer confidence fell slightly in May

  • it remains close to its historical average level

The annual trade deficit narrowed slightly in April

  • terms of trade rose 1.0% in the March quarter as the 3.5% fall in import prices more than outweighed a 2.6% fall in export prices

The view of outside NZ:

  • International trade tensions escalated this month, with the US government announcing new tariffs on China and Mexico. Trade tensions have weakened growth in many Asian economies over the first quarter of 2019 and continue to weigh on economic activity in both the US, China and Asia.The Reserve Bank of Australia (RBA) lowered the cash rate by 25 basis points to 1.25% at their June meeting, in line with market expectations and amid weakening economic data. Partial indicators of March quarter GDP were weak in Australia, with retail sales, construction activity and private capital expenditure all falling in the quarter

NZD (and AUD) have fallen on the session, both close the day's lows).