Business confidence ‘languishing’ in NZ survey finds

Business confidence remains stuck in the doldrums despite the partial lifting of Covid restrictions and Omicron infections passing their peak, an ANZ survey shows. The bank found businesses’ lack of confidence in the economic outlook was virtually unchanged this month, with a net 42% expecting conditions to worsen. Confidence among businesses in their own outlook edged up a little from March with a net 8% expecting that to improve, a rise of 5 percentage points. The bank reported mixed but mildly positive feedback on the inflation front. ANZ found inflation pressures remained ‘‘extreme’’ and expectations of future inflation rose further from last month. But it said cost pressures in the construction industry, which has been a big driver for rising prices, were easing. ‘‘The outlook for residential construction is weakening rapidly,’’ it said, with builders in the midst of reassessing their risks.