New Zealand ANZ Business Confidence rose another 9 pts to -33 in June’s preliminary reading, up from may’s -41.8. Activity outlook rose to -29.1, up from -38.7. Looking at some details, export intentions rose to 17.1, from -32.2. Investment intentions rose to -21.6, up from -31.7. Employment intentions rose to -34.0, from -42.4.
The improvement reflected New Zealand’s “continued steady progress out of lockdown”, but “levels remain very low”. ANZ also noted, emerging into Level 1 lockdown, “disruption has waned, and normality beckons”. But “there is a huge tourism-shaped hole” in the economy. Also, “people will feel comfortable going into a shop or restaurant – that’s a huge win – but whether they’ll feel comfortable spending money is another question again.”
