Business confidence for October, -13.4, lower than in September and lower also than the flash result

  • preliminary -8.6 (prior -7.2)

Activity Outlook 21.7, improved from September but not as strongly as the flash suggested

  • preliminary 26.2 (prior 18.2)

ANZ's first' key point' from their summary is a doozy ... bolding mine:

  • Cost and inflation pressures are off the charts. Inflation expectations jumped almost half a percent to 3.45% due to the strong CPI data.
  • Survey indicators are still fairly robust but cracks are appearing.
  • The resilience of Auckland businesses is impressive but this survey won't capture cumulative balance sheet damage.