Media Release                                                   

Countdown to Budget set to reignite consumer spending

13 April 2010: Auckland.  With the Budget less than six weeks away credit bureau Veda Advantage expects consumers to reach for their wallets to buy much needed consumer items before GST is increased.

Finance Minister Hon Bill English is widely expected to increase the goods and services tax of 12.5 percent to 15 percent when he reads his second Budget on Thursday 20 May.

Veda Advantage Managing Director John Roberts says there are early signs of attractive deals on offer to consumers and these deals are likely to increase as we get closer to Budget day. 

“Retailers are looking to stimulate sales in the wake of the recession.  There is nothing like the prospect of an increase in GST to help people make up their minds about a purchase they want to make and to get into stores,” Mr Roberts said.

Over the last year Veda Advantage data has shown a significant drop-off in consumer applications for credit reflecting the recession and a fall off in consumer appetite for debt.*

“But with the economy now out of recession there are signs of recovery and for consumers that means returning to sensible and necessary purchases.”

Veda Advantage urges consumers to check their Veda Score Plus credit score so they have a better  appreciation of their recorded credit history which  could affect the willingness of credit providers to fund their purchases. To request a copy of your own credit file, go to: www.mycreditfile.co.nz

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