Business confidence continues to fall despite the medicine working

Business confidence is continuing to fall despite progress against inflation, according to the ANZ New Zealand Business Outlook for June 2024.Overall business confidence fell from +11.2 in May to +6.1 in June, a drop of 5.1 points.“The economy is clearly weak, as the RBNZ [Reserve Bank of NZ] intended, but more than that, we are finally seeing renewed meaningful progress on bringing inflation pressures down,” said ANZ chief economist Sharon Zollner.“There is still a long way to go, but we are optimistic that the RBNZ will be i...