Key insights from our latest report:

‍

1: The dominant theme from this month’s survey is one of disappointment by businesses at the strength of the economy in 2025.

‍Most are strongly confident that conditions will be better in a year’s time and that confidence is driving good levels of intentions to invest in new plant and equipment.

‍

2: There is distinct weakness evident in all aspects of the housing sector.

‍Investors are expressing deepening discontent with their returns and ability to get good tenants, many more construction companies are reporting weaker than expected conditions than positive prospects, and real estate agents note a lack of demand outside of the first home buyers who have dominated the market for two and a half years now.

‍

3: Despite the US-initiated trade war there is little strong evidence as yet of disturbances to supply chains or plans by NZ businesses to develop markets elsewhere.

‍One factor limiting this response will be the high uncertainty regarding where tariffs truly are headed, along with few feelings of discontent that the Kiwi dollar is either too high or too low. We are experiencing an increasingly lengthy period during which the currency is off the radar and not a particular cause of concern.