From the New Zealand Institute of Economic Research, their business confidence measure for the final quarter of 2023.

Jumps to -2.0%

  • prior -52.0%

NZIER's well regard Quarterly Survey of Business Opinion (QSBO):

  • While a net 10 percent of firms are still expecting a worsening in general economic conditions over the coming months on a seasonally adjusted basis, this is a significant decrease from the net 49 percent in the previous quarter and the net 79 percent a year ago.

In (really brief) summary:

  • The December quarter survey continued to show a sharp easing in labour shortages, with firms reporting that it is easier to find both skilled and unskilled labour.
  • Key concerns for businesses have shifted from supply-side factors to demand-side factors.
  • Inflation indicators point to easing inflation pressures in the New Zealand economy. The proportion of firms reporting higher costs and the proportion of firms who have increased their prices both declined in the December 2023 quarter.
  • With improved business confidence, firms are feeling more positive about hiring overall, with the manufacturing sector being the exception. The history of the QSBO shows that firms tend to hold off on committing to investment ahead of general elections, given uncertainty over the outcome. With a new Government formed in late November 2023, it appears that firms are now looking to invest.

NZD/USD up a few ticks:

nzdusd q4 2023 qsbo