The New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion (QSBO).

Business confidence improved a little but is still deeply negative

53% of businesses expect a worsening in general economic conditions over the coming months

  • was -63% in Q2

Main points from the NZIER report:

  • Demand remains soft
  • sharp easing in labour shortages
  • These developments suggest that higher interest rates are starting to dampen demand in the New Zealand economy
  • easing in capacity pressures more broadly
  • Pricing pressures have eased while cost pressures remain intense

NZD/USD is barely changed on the report:

nzdusd nzier qsbo 03 October 2023