Miles Workman, senior economist at ANZ, notes that the NZIER’s Quarterly Survey of Business Opinion improved in Q4, but the details are a touch softer than our own Business Outlook survey.
“Headline business confidence improved in Q4 from post-2009 lows in Q3, but businesses remain pessimistic on balance.”
“Experienced domestic trading activity was unchanged at contractionary levels.”
“Several measures of capacity eased, while pricing intentions lifted – a bit of a mixed signal for the inflation outlook.”
“The RBNZ is unlikely to feel any sense of urgency around these numbers. Previous monetary easing and the promise of additional fiscal spending appear to be providing business some comfort.”