Labour reform blamed for capital’s confidence fall

Business confidence in Wellington has fallen, with the Wellington Chamber of Commerce (WCC) again linking pessimism to proposed employment law reform. The quarterly Wellington regional chambers of commerce survey found a net 18 per cent of businesses expect the region’s economy to improve in the coming 12 months, down from 21 per cent in March. A year ago, a net 55 per cent of firms were confidence about the capital’s prospects. Wellington businesses were more upbeat about their own activity, with a net 44 per cent positive, although this was down from 63 per cent a year ago. The survey was conducted in June. WCC chief executive John Milford claimed businesses were concerned that recent moves by the Government ‘‘would have a detrimental effect on their ability to grow’’. However, hiring intentions were the highest since the June 2017 survey, with a net 25 per cent of businesses looking for more staff.