Business Scoop

Business confidence continues to falter

Press Release – New Zealand National Party

Businesses have delivered a stinging appraisal of this months Budget as confidence in New Zealands economy continues to fall, Nationals Economic Development spokesperson Paul Goldsmith says.Businesses have delivered a stinging appraisal of this month’s Budget as confidence in New Zealand’s economy continues to fall, National’s Economic Development spokesperson Paul Goldsmith says.

“Today’s fall in business confidence means a net 27 per cent of businesses now expect the economy to deteriorate over the next twelve months,” Mr Goldsmith says.

“The May ANZ Business Outlook survey comes seven months after the formation of the Labour-NZ First Government and shows businesses are now reacting to actual policies, not just initial impressions.

“ANZ says all indicators in their survey are now flat to falling, including businesses’ view of their own activity.

“This Government has done nothing to give businesses a boost. Instead, the Budget was a missed opportunity to make it easier for exporters and employers to get ahead.

“Policies that hamper economic growth are piling up: whether it is the decision to axe the oil and gas sector, taxing petrol more as prices rise, strengthening unions at the expense of workers, or slashing foreign investment.

“These policies are having an impact on key sectors driving our economy. Agriculture recorded a net 39 per cent anticipating a worsening economy, followed by manufacturing at 28 per cent.

“This is not surprising when Government ministers like Workplace Relations Minister Iain Lees-Galloway scolds businesses worried about rising costs and regulations as not ‘resilient’ enough.

“Labour’s Budget contained plenty of plans to tax more, spend more and borrow more. But their lack of policies on how New Zealand can earn more are having a negative affect businesses and workers.”

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