New Zealand Business Sentiment Jumps to 4-Month High

New Zealand’s ANZ Business Outlook Index surged to 36.6 in June 2026 from 10.0 in the previous month, marking the highest reading since February. Firms’ own activity outlook strengthened sharply (36.9 vs 25.6 in May), though past activity eased (9.0 vs 14.8) amid oil price shocks tied to Middle East tensions. Forward-looking indicators were broadly stronger, with higher readings for export intentions (18.1 vs 11.5), profit expectations (13.0 vs 2.0), investment intentions (16.5 vs 5.8), and employment intentions (9.4 vs 3.4). Pricing intentions (50.7 vs 56.7), cost expectations (84.7 vs 90.4), and inflation expectations (3.36% vs 3.63%) all increased, although wage growth expectations edged up (2.53% vs 2.48%). Meanwhile, cost expectations eased (84.7 vs 90.4), and credit availability improved markedly (-1.9 vs -17.5). Sentiment was better across the construction sector, with a climb in both residential construction (25.0 vs 11.8) and commercial construction (28.9 vs 13.5).

New Zealand’s ANZ Business Outlook Index climbed to 10.0 in May from -10.0 in the previous month, marking a notable rebound in business sentiment, though still subdued compared with levels seen before the Middle East conflict. Firms’ own activity outlook strengthened (25.6 vs 19.6 in April), while past activity eased slightly (14.8 vs 16.9). Several forward indicators recovered, including export intentions (11.5 vs 1.1), profit expectations (2.0 vs -13.3), investment intentions (5.8 vs 3.3), and employment intentions (3.4 vs -2.7). Meanwhile, wage growth expectations were steady (2.48% vs 2.41%). Pricing intentions (56.7 vs 57.7) and cost pressures (90.4 vs 90.4) were little changed. Credit availability rose modestly (-17.5 vs -21.5), while inflation expectations moderated slightly (3.63% vs 3.81%). Sector sentiment was mixed, with residential construction flat (at 11.8) but commercial construction weakening sharply (13.5 vs 27.0).

New Zealand’s ANZ Business Outlook Index slumped to -10.6 in April 2026 from 32.5 in the previous month, marking the first negative reading since August 2023, as the Middle East conflict pressured sentiment. Firms’ own activity outlook weakened sharply (19.6 vs 39.3 in March), while past activity was little changed (16.9 vs 17.5). Forward indicators deteriorated: export intentions (1.1 vs 15.2), profit expectations (-13.3 vs 19.7), and investment intentions (3.3 vs 14.5). Employment intentions turned negative (-2.7 vs 9.4) and wage growth expectations eased (2.41% vs 2.74%). Pricing intentions softened (57.7 vs 60.3), but cost pressures accelerated (90.4 vs 84.7). Credit availability plunged (-21.5 vs -3.3), signaling a significant tightening in financial conditions, while inflation expectations rose to their highest since February 2024 (3.81% vs 3.08%). Sector sentiment also weakened, including residential construction (11.8 vs 35.3) and commercial construction (27.0 vs 42.1).