NZ: Mixed business confidence data - ANZ

ANZ analysts note that New Zealand’s headline business confidence (up 6 to net -32%) and firms’ views of their own activity (up 2 to net +9%) lifted in May’s ANZ Business Outlook, but other activity indicators were a mixed bag.

Key Quotes

“Pricing intentions and reported cost pressures lifted a touch, but inflation expectations fell to their lowest level since early 2017 (1.8%).”

“Residential construction intentions fell sharply again despite the ruling out of a capital gains tax. Employment intentions in the construction sector also fell sharply, to their lowest level since 2009.”