Michael Hill is boosting its presence in Australia as New Zealand sales drop amid ongoing thefts.

Overall half-year earnings were down by 55 percent on last year, with New Zealand being marked as a 'laggard' for the company.

CEO Daniel Bracken says Australian consumers are feeling more positive about the state of their economy than New Zealanders.

"There's been a number of things at play in the New Zealand market. Not just the economy, but political turbulence, Government taking time to get formed, new polices taking time to get issued."

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