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New Zealand's economy grew more than expected between July and September. But between April and June, it shrank more than previously thought. GDP rose 1.1% in the September quarter, surpassing all expectation but Stats NZ has revised the numbers for the June quarter, finding GDP actually fell 1%, not the previously-reported 0.9%. That means the economy shrank 0.5% in the year to September. NZ Herald Business Editor Liam Dann told Kerre Woodham the data is showing there’s some momentum in the economy, especially within manufacturing and business services. He says consumers take a bit longer to feel upbeat, but the business core of the economy is picking up. LISTEN ABOVE See omnystudio.com/listener for privacy information.

I know you shouldn't count your chickens before they hatch, but can we just take a minute to look at the good economic news coming out? Government books aside, tomorrow's GDP read will show we bounced back with a spring in Q3 - close to 1 percent growth, they reckon. What's more, that shocking read for Q2 should be revised down because it wasn't actually as bad as the topline number we were given to begin with. Today, consumer confidence is on the rebound. This is according to the Westpac McDermott Miller survey. It's up 5.6 points - to its highest level this year. Still slightly below 100 - which means more are still glass-half empty than full, but it's going in the right direction. As are Seek job ads and as are most of the numbers that move first when a recovery is underway. Now, I say all of this completely aware that we've been here before and fired a blank. We've had many a false dawn and false start. But barring any major cock-ups, this recovery feels like its real and happening. The missing ingredient of course is house prices, which are either sideways or backwards for most regions. That's the liquor in your Irish coffee that really gets things moving on the economic front. But this recovery will happen without it. It won't be soaring property prices that give birth this recovery, it won't start in an auction room with the hammer going down on a $44 million two-beddy in Sandringham. What's going to drive this recovery, and make it a very gradual one, is confidence in our agricultural exporters, our lower mortgage rates, and, I think - more than anything - a feeling that we're just sick of being in this position. The ironic truth of it is that in order to get us out of the malaise, we must spend money, rather than save it. We must go out and buy stuff. So this Christmas, take that confidence to your nearest shopping mall. Tonight, I'm doing exactly that. Westfield is open till 10pm. I've found a tent, I've been eyeing it up today, and I'm ready to push play on summer and on spending and an economic Christmas miracle. LISTEN ABOVESee omnystudio.com/listener for privacy information.

There's hopes a new move by the Reserve Bank will bring about positive changes for New Zealand's banking sector. It is changing the mix of capital banks are required to hold, aiming to reduce funding costs. It is also targeting closing the gap between bigger and smaller banks - making the market more competitive. The Co-Operative Bank chief executive Mark Wilkshire says this will encourage competition and remove certain constraints impacting the banking sector. LISTEN ABOVESee omnystudio.com/listener for privacy information.

Online marketplace Trade Me has been hit with a $138 million write-down of the value of its marketplace business unit. This comes as revenue continues to drop for the online retailer. Massey University marketing professor Bodo Lang says Trade Me still leads its current market, but its status is under threat. LISTEN ABOVESee omnystudio.com/listener for privacy information.

The Finance Minister's still aiming for a surplus this decade, despite today's bleak economic news. Treasury's Half Year Economic and Fiscal Update shows more delay to getting the books back to black. The deficit's expected to deepen more to a high of $16.9 billion and not narrow to $60 million dollars until 2029-30. Nicola Willis says a 2029 surplus is very achievable. "What that will take is just a small revision to the growth upwards, combined with fiscal discipline. And those are two things that our Government is committed to." LISTEN ABOVESee omnystudio.com/listener for privacy information.