A disappointing result given the long run average of this indicator is 120. In their report ANZ point out that the survey was mainly conducted prior to the Omicron outbreak.

As part of the survey is an 'inflation expectations' gauge. This rose slightly to 5.8%. Not far from the data for Q4 release yesterday:

NZD/USD has barely moved since the data. The kiwi $ slumped in line with 'risk' FX and the stronger USD:

nzd chart 28 January 2022