In the preliminary reading, New Zealand ANZ business confidence dropped from 7 to 0 in March. Own activity outlook also dropped from 21.3 to 17.4. Looking at some more details, export intensions rose form 5.1 to 6.0. Investment intentions dropped slightly from 15.6 to 14.4. Employment intentions jumped from 10.6 to 16.0. Pricing intentions rose from 46.2 to 48.9. Inflation expectations rose from 1.76 to 1.95.
ANZ said: “The economy is entering a phase in which gains will be harder won. The tourism sector pain is becoming more palpable, and booming sectors such as construction are running up against constraints in terms of the availability of labour and, increasingly, imported materials.”
