NEW ZEALAND

Disposable Income Falls: Inflation-adjusted disposable income in the three months ended June 30 fell 1.4% from the March quarter, the government reported. The drop followed increases of 0.3% in the consumer price index and 2.8% in average tax rates. Average gross incomes in the latest period fell 0.2%. The real disposable income index also showed that after-tax purchasing power of combined incomes in households where the principal income earner works full time fell 1.5% from the March period. In the year to June 30, that purchasing power rose 0.4%, and average gross income gained 2.6%.