According to the New Zealand Institute of Economic Research (NZIER), Business Confidence aggregates revealed a further decline in business activity outlook surveys. NZIER noted that a full 35% of New Zealand firms expect the economic outlook to deteriorate on a seasonally-adjusted basis.

Firm trading activity declined, with 28% of respondents noting a decline in business activity through the June quarter. 

According to Christina Leung, NZIER's Deputy Chief Executive (Auckland) & Head of Membership Services, "With around 60 percent of mortgages due for repricing within the coming 12 months and the softening labour market, we expect these developments will weigh on consumer confidence and retail spending over the coming year. This environment of higher interest rates and heightened uncertainty about the outlook has made businesses much more cautious about hiring and investment."