NZ plummets down business confidence ranks

New Zealand has tumbled from top to bottom of the OECD business confidence rankings with the most recent data revealing New Zealand has the second lowest level of business confidence in the developed world, National’s Finance Spokesperson Amy Adams says.

“Given the high level of political uncertainty around the world it is a shocking revelation that New Zealand – typically a haven of political and economic stability – has the second lowest level of business confidence in the OECD.

“In 2016 New Zealand was the second highest in the OECD with 33 of the 35 countries beneath us. Now everyone except South Korea is ahead of us. To have fallen so far in such a short space of time is a damning reflection of this Government’s economic management.

“It is clear the Government’s low-growth policies are having a major impact, and are driving New Zealand’s appallingly low business confidence – though the Government is still refusing to acknowledge that.

“Policies such as industrial relations reforms, increased costs on small businesses via minimum wage increases and higher fuel taxes as well as the banning of oil and gas exploration, have all been bad for business sentiment and the economy.

“We want businesses confident so they can invest for growth, hire more people, and increase wages. That is how Kiwi families get ahead.

“With this Government’s dismissive and reckless approach to the economy, it’s no wonder we are again beginning to see more Kiwis heading overseas to greener pastures as opportunities here in New Zealand dry up.”

Link to the OECD data here.

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