Source: New Zealand Parliament – Hansard
ORAL QUESTIONS
QUESTIONS TO MINISTERS
Question No. 1—Finance
1. JOSEPH MOONEY (National—Southland) to the Minister of Finance: What recent reports has she seen on the New Zealand economy?
Hon NICOLA WILLIS (Minister of Finance): Last week, ANZ released its Business Outlook report and its consumer confidence report, both of which come out monthly. These show that consumer confidence continues to rise, albeit off a very low base, and business confidence is on a strong upward trend, despite levelling out in February.
Joseph Mooney: How does consumer and business confidence compare to previous years?
Hon NICOLA WILLIS: In 2022 and 2023, consumer confidence fell to the lowest level ever reported in this survey—lower than the global financial crisis and lower than during the COVID lockdowns—and, strike me down, business confidence was also the lowest it has ever been, in 2022 and 2023. Again, it was lower than in the global financial crisis and lower than during the COVID lockdowns. So it is very heartening indeed that consumer and business confidence is rising off the all-time lows recorded under the previous Government.
Joseph Mooney: What do the results say about people’s own expectations?
Hon NICOLA WILLIS: The consumer confidence survey shows that in net terms, people expect that they and their family will be better off financially in a year’s time. At present, people are wary about purchasing major household items, but this measure is on an upward trend and is considerably better than it was last year.
Joseph Mooney: What do the results say about business expectations?
Hon NICOLA WILLIS: The Business Outlook survey saw lifts in most forward-looking indicators, such as businesses’ own activity, investment intentions, employment intentions, and profit expectations. Together with the consumer results, this reinforces that New Zealanders are more optimistic about their future under this coalition Government.
