More from RBNZ Gov Orr - economic outlook is not that bad

Reserve Bank of New Zealand Governor Adrian Orr speech was earlier, Q&A now

• economic outlook is not that bad

Orr citing:

• terms of trade
• supportive level of the NZ dollar
• low interest rates

His speech is here from earlier, but his Q&A is a wee bit more interesting

• Reserve Bank of New Zealand Governor Adrian Orr speech - full text

The focus in NZ is on business confidence, which has dropped very hard indeed. And these are the guys that are on the ground, so there are obviously issues that need to be addressed. The indicators Orr is seeing may be indicative to him that everything is 'not that bad', but what is it firms are seeing that is causing them to pull back? its gotta be something, and its probably best not to ignore what it is, whatever it is.