New Zealand Business Outlook

The May ANZ New Zealand Business Outlook reported a recovery in business confidence to +10 and own activity to 25.6, although levels remain depressed relative to the period preceding the Middle East conflict. Inflation expectations eased slightly to 3.63%, while cost expectations remain historically high at 90.4.

Key Takeaways

• 1.Business confidence saw a significant lift of 21 points in May, reaching +10, though it remains below pre-Middle East conflict levels.
• 2.Inflation indicators, including expectations and pricing intentions, showed slight easing this month.
• 3.Profitability remains under pressure as the gap between rising costs and limited pricing power persists, particularly in the agricultural sector.

Table of Contents

• Small bounce
• Our take
• Survey Results May 2026
• Charts
• Meet the team
• Important Notice

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial