New Zealand Business Confidence

New Zealand’s ANZ Business Outlook Index surged to 73.6 in December 2025 from 67.1 in the prior month, marking its highest level since March 1994, boosted by renewed confidence in an economic rebound, improving business outlook, and continued monetary easing. Expected own activity notched its highest level in three decades (60.9 vs 53.1 in November), and past own activity reached its strongest print since August 2021 (29.1 vs 21.3). Export intentions also strengthened (25.6 vs 23.2), as did employment intentions (27.5 vs 18.5), investment intentions (28.1 vs 19.9), profit expectations (42.7 vs 27.6), and pricing determination (51.7 vs 50.5). Wage growth expectations edged higher (2.70 vs 2.58) amid rising cost pressures (76.1 vs 73.8) and a drop from a record high in credit availability (28.4 vs 32.1). Inflation expectations remained stable (at 2.69%). In sectors, both residential construction intentions (54.8 vs 46.3) and commercial construction (57.1 vs 46.5) strengthened.