This is the 'final' result from the survey.

Business Confidence down to 7.0

  • preliminary was 11.8

  • prior 9.4

Activity Outlook down to 21.3

  • prelim was 22.3

  • prior 21.7

ANZ comments - saying the confidence drop is likely due to the snap lockdown in Auckland. Further key points highlighted by the analysts:

  • Expected profitability fell in every sector except construction.
  • Inflation pressures continue to build. Freight disruptions are worsening, and are most severe for the retail sector (inward) and manufacturing (outward).

But:

  • The bounce in business sentiment and activity indicators has flattened out, as was always inevitable and isn't alarming. The levels remain solid, but the consolidation is consistent with our view that the economy will go through a flatter period this year as the real costs of pandemic and the closed border start to be more broadly felt.