The New Zealand Institute of Economic Research (NZIER) Quarterly Survey of Business Opinion (QSBO) is due at 2200 GMT.

BNZ on what to expect:

  • expected to show a lift in confidence and activity indicators, as per the recent monthly readings of the ANZ survey. The value-add of the release will be the indicators on capacity pressures, expected to show a monetary policy-friendly fall, with businesses indicating they are seeing it much easier to find labour after the surge in net migration.

Westpac on what to expect:

  • The NZIER’s survey of business conditions lifted in the early part of this year, but continued to point to tough trading conditions. Notably, gauges of trading activity remained low, while ongoing cost pressures have continued to eat away at margins.
  • We expect that the June confidence survey will highlight ongoing headwinds in the business sector, including continued pressure on margins and softening demand. However, some of the challenges that businesses have been dealing with over the past year, including shortages of staff, have now started to ease. As a result, although business sentiment is set to remain low in the June survey, it is likely to tick higher from the levels we saw at the start of the year.

WPAC's graph:

New Zealand qsbo june 2023 graph preview


The NZ QSBO is a widely watched indicator of New Zealand's economic health:

  • it provides insight into the views of businesses on the current state of the economy and expectations for the future
  • the survey has been running since 1961

Key indicators from the survey include: