When looking at NZ growth today …

I suggest sticking the September and December quarters together – and talking about the second half of 2011, including the RWC.

A lot of the “upside” surprise in September and the “downside” surprise in December was due to significant variability in stocks – part of which was due to the Rugby World Cup.  Adding the quarters together to smooth this out will give you a better idea of the more fundamental changes in activity that occurred.