Traffic flows plummeted in the latter half of August as the country moved into alert level 4 lockdown.
Traffic on the Auckland motorway near the central city during the latest alert level 4 lockdown. Photo: RNZ / Robert Smith
The ANZ Bank's heavy traffic index, a real-time measure of current economic activity, was 18 percent lower in August than July.
The volume of light traffic, which pointed to activity six months ahead, fell nearly 28 percent.
ANZ chief economist Sharon Zollner said the drop in on-road activity did not necessarily reflect the state of the economy.
"We're optimistic the economy will bounce out of the lockdown in reasonable shape, albeit again, carrying more debt as fiscal policy steps in to shield household incomes," she said.
Other indicators such as labour market data and card spending were positives, Zollner said.
"With job security excellent at present, that's our base case assumption this time too, though a rising interest rate environment provides a very different backdrop for mortgaged household cash-flow."
In addition, traffic levels had not fallen as much as they did in last year's level 4 lockdown, she said.
"Some of this may reflect people driving to vaccinations and testing, but some of it likely also reflects increased delivery activity."