The ANZ business confidence survey showed a fall of 14 points in November to minus-57. Photo: 123rf.com
Business confidence continues to drop.
The ANZ business confidence survey showed a fall of 14 points in November to minus-57, while businesses' own activity is down 11 points to minus-14, just 8 points shy of 2009 lows.
ANZ chief economist Sharon Zollner said expectations were down, but still too high for the Reserve Bank to ease off efforts to drive down inflation with higher interest rates with hikes to the official cash rate.
Firms expected their costs to rise about 6 percent over the next three months, but to hold price increases to 3.7 percent.
"Residential construction intentions tanked," she said.
"Employment intentions were negative for the first time since October 2020.
"Wage settlements over the next 12 months were trending down for construction, steady elsewhere, but sharply higher for retail."