Anne Boniface, Senior Economist at Westpac, notes that the business confidence of New Zealand economy deteriorated in the June Quarterly Survey of Business Opinion (QSBO), falling to its lowest level since early 2011.
Key Quotes
“The underlying details in today’s release were undeniably soft. Not only are firms more circumspect about their own prospects, they have significantly downgraded their profitability expectations and also expect to hire and invest less than they did three months ago.”
“Today’s data suggests the pace of activity in the NZ economy has dropped down a gear.”
“There were signs of emerging inflation pressures in today’s data. That’s perhaps unsurprising given the lift in fuel and wage costs in recent months.”
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