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New Zealand Business Confidence June 2023

New Zealand: Business sentiment improves in June

The ANZ bank business outlook indicator rose in June. As a consequence, a net 18.0% of firms reported that they expect general business conditions to worsen in the year ahead, improving from a net 31.1% of firms expecting bleaker general business conditions in the year ahead in May. As a result, the headline remained entrenched below the net-0% threshold that separates pessimism from optimism among businesses.

Business grew less downbeat with regards to profit, employment and investment intentions. Moreover, inflation expectations moderated.

Meanwhile, firms’ outlooks regarding their own activity—a metric which has a stronger correlation to GDP growth—rose to a net 2.7% in June from a net minus 4.5% in May.

Commenting on the release, Sharon Zollner, chief economist at ANZ, stated:

“Times remain very uncertain for businesses, and pressure on profitability from high costs and in some cases, lower turnover, persists. But there are positives too – firms appear to have taken heart from the RBNZ calling a halt to hikes. […] Of course, capping any upside is the fact the RBNZ is wanting to see subdued demand for a period. But for now, cautious optimism appears to be emerging that the worst could be past – but it’s conditional on those inflation indicators continuing to fall.”

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