27 Sep 2017

More caution in latest business confidence survey

9:49 am on 27 September 2017

Businesses are more cautious about the outlook for the New Zealand economy over the next 12 months, according to a new survey.


Business Photo: 123rf

ANZ Bank's September Business Outlook Survey shows an equal number of optimists and pessimists with a view about the economy over the next year.

There were a number of falls in the data, with firms' outlook for their own business dropping, along with investment, employment and profit intentions.

But ANZ chief economist Cameron Bagrie said he was not reading too much into the data.

"Survey indicators are by-and-large still elevated in level terms. That said, peaks have been pared back," he said.

Mr Bagrie said the economic cycle was maturing and construction, tourism and immigration were nearing peaks.

"New economic drivers are appearing in the form of high commodity prices, rising household incomes and expansionary fiscal policy," he said.

Mr Bagrie said businesses were also wary of political uncertainty from the general election.

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