New Zealand Business Sentiment Hits 30-Year Peak

New Zealand’s ANZ Business Outlook Index dropped to 64.1 in January from 73.6 in the prior month, marking its lowest level since October, though sentiment stayed firmly positive. Expected own activity eased (51.6 vs 60.9 in December, while past activity slipped (26.2 vs 29.3) but remained near its second-highest since August 2021. Forward-looking indicators softened: export intentions (20.4 vs 25.6), employment intentions (22.4 vs 27.5), and profit expectations (32.9 vs 42.7). Meanwhile, cost pressures intensified (77.8 vs 76.1) and credit availability tightened further (16.3 vs 28.4). At the same time, pricing intentions strengthened (56.5 vs 51.7), wage growth expectations edged up (2.82 vs 2.70), and investment intentions was stable (28.3 vs 28.1). Inflation expectations ticked higher (2.77% vs 2.69%). Sector trends diverged, with residential construction intentions improving (58.8 vs 54.8), while commercial construction slumped (44.7 vs 57.1).

New Zealand’s ANZ Business Outlook Index surged to 73.6 in December 2025 from 67.1 in the prior month, marking its highest level since March 1994, boosted by renewed confidence in an economic rebound, improving business outlook, and continued monetary easing. Expected own activity notched its highest level in three decades (60.9 vs 53.1 in November), and past own activity reached its strongest print since August 2021 (29.1 vs 21.3). Export intentions also strengthened (25.6 vs 23.2), as did employment intentions (27.5 vs 18.5), investment intentions (28.1 vs 19.9), profit expectations (42.7 vs 27.6), and pricing determination (51.7 vs 50.5). Wage growth expectations edged higher (2.70 vs 2.58) amid rising cost pressures (76.1 vs 73.8) and a drop from a record high in credit availability (28.4 vs 32.1). Inflation expectations remained stable (at 2.69%). In sectors, both residential construction intentions (54.8 vs 46.3) and commercial construction (57.1 vs 46.5) strengthened.

New Zealand’s ANZ Business Outlook Index jumped to 67.1 in November 2025 from 58.1 in the prior month, marking its highest level since March 2014, as continued monetary easing bolstered confidence in an economic rebound. Expected own activity climbed to a more than decade-high (53.1 vs 44.6 in October), and past own activity reached its strongest print since August 2021 (21.3 vs 4.6). Export intentions also improved (23.2 vs 17.3), alongside firmer employment intentions (18.5 vs 15.0), profit expectations (27.6 vs 20.6), and pricing intentions (50.5 vs 43.9). Wage growth expectations were steady (2.58 vs 2.57) amid easing cost pressures (73.8 vs 75.8). Investment intentions slowed slightly (19.9 vs 21.6), though credit availability hit a record high (32.1 vs 24.8). Inflation expectations remained stable (2.69% vs 2.75%). In sectors, residential construction intentions strengthened notably (46.3 vs 36.6), while commercial construction posted its strongest pace since 2014 (46.5 vs 33.3).