Our poll of 260 readers run over the last week found 87% said they wouldn't buy a 'big ticket' item before the GST increase on October 1.
13% said they would.
Figures from bank-owned electronic payments network Paymark, which handles 75% of electronic transations, show an extra NZ35.8 million was spent on September 30 on the last day before the GST rate increased to 15% from 12.5% on October 1. However, spending for all of September from a year ago was up just 4% in volume terms and 3.6% in value terms to NZ$3.486 billion. See more detail here.
Here was the question:
Here were the answers: No. Repaying debt is the first priority. It's only a 2.5% saving. Best not to spend the money at all. 87% or 225 voted for this option.
Yes. Pulling forward the spending makes sense. 13% or 35 voted for this option. The poll is still open.
Here is our new poll: What are you planning to do with any extra take-home pay after the October 1 income tax cuts?
Click through here to have your vote.
4 Comments
Actually, I was planning, in fact I still am. If I had seen a deal I would have gone for it....instead what I saw was indifference and offloading of old stock at "discount prices" The new stock was still full price, so I walked....
So there would seem to be a large back log of unsold kit in some areas.....which is now looking increasingly obsolete......the Q is how long can it stick around in warehouses....
regards
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