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Small business confidence: A change of season
Small business confidence: A change of season
Small firms are increasingly cautious about the year ahead, with confidence down from recent highs but still positive, according to ANZ’s quarterly Business Micro Scope survey of small businesses.
Business owners’ expectations for business activity, employment and investment all receded though levels remain respectable. Regulation was cited as their biggest business challenge.
Wellington further cemented its position as the
capital of small business confidence, recording the highest
business sentiment for any region for the fourth consecutive
quarter.
Sentiment in Auckland, which accounts for over a
third of national GDP, came off the all-time high recorded
for that region in the previous quarter.
Nationally,
small business sentiment fell for the first time since
September 2014, reaching a two-year low though still
positive and above the long-term average.
Fred Ohlsson, ANZ’s Managing Director Retail & Business Banking, said: “What small firms are saying is consistent with an economy that’s still growing, albeit a bit slower than what we’ve previously seen. The readings are still very respectable. However, they clearly signal a more cautious small business sector.
“Concerns over regulation underline the need to ensure an environment that allows business owners to plan and operate with confidence and stay focused on fundamentals such as maintaining healthy turnover and sales. This is important for the economy as small firms account for 90 per cent of New Zealand businesses and provide nearly one in three jobs.”
ENDS
ANZ Bank New Zealand Limited
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