NZIER data: business confidence falls off a cliff

NZIER data: business confidence falls off a cliff
Christina Leung, principal economist for the NZ Institute of Economic Research. (Image: NZME)
Rebecca Howard
Business confidence tanked to its weakest level since 1970 in the December quarter after the Reserve Bank of New Zealand's more hawkish monetary policy statement (MPS) in November.  “In this MPS, the Reserve Bank of New Zealand indicated it would take interest rates higher than initially expected to rein in inflation,” said Christina Leung, principal economist for the NZ Institute of Economic Research (NZIER).The Reserve Bank lifted rates by an unprecedented 75 basis points to 4.25% last November and its projections pointed...

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