STAFF SHORTAGES SHRINKS BUSINESS CONFIDENCE
Business confidence is at its lowest in the 16 years this data has been collected, a survey has found.
The latest Central Business Confidence Survey shows expectations of the New Zealand economy are at a net negative of -61.90 percent.
One of the main reasons behind this is staff shortages, with 62 percent of respondents listing staffing as the main problem their businesses are facing.
Simon Arcus, Chief Executive of Business Central and the Wellington Chamber of Commerce, who conducted the survey, says numbers are now in line with the height of the 2009 global financial crisis and the on-set of Covid-19. “Even those businesses that do report they are doing well feel that a lack of staff means a drag on their growth. That’s a handbrake on the prosperity that could be delivered back to New Zealand,” says Simon.
The survey also found rising costs were a major concern, and interest rates – with access to finance appearing for the first time as a major barrier to doing business.