• A recovery in retail spending appears to be occurring at a glacial pace. While most parts of the economy show signs of a self-sustaining recovery taking shape, the recovery in the household sector has been less convincing.
• The NZ housing market remains in a holding pattern ahead of Budget 2010 this Thursday.  Housing turnover remains very low, although house prices have held up despite the weakness in activity.
• We are not expecting too many surprises in the Budget this week.  The focus will be on the impact of probable changes to the structure of the tax system.

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