New Zealand ANZ business survey for December 2022.

Business Confidence -70.2%, a record low

  • prior -57.1%

Activity Outlook -25.6%

  • prior -13.7%

more to come

Ugly stuff. When the Reserve Bank of New Zealand says it'll be hiking interest rates into recession I guess ugly is the best you can hope for.

ANZ note that inflation pressure remains 'intense'.

ANZ remarks (in brief):

  • Well, the Reserve Bank certainly got the shock value we suspect it was aiming for at its November Monetary Policy Statement. Nothing like saying you’re deliberately engineering a recession to put a damper on investment and employment plans.
  • We will be adding a special one-off January Business Outlook survey and will publish the results if respondent numbers warrant (historically a challenge in January). For now, ... if the ANZBO weakness is sustained, the RBNZ is in danger of engineering a harder landing than intended, with downside risk to residential investment, business investment and overall GDP.
anz New Zealand business confidence 20 December 2022