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Lowest business confidence in over four years

Business confidence has plunged to the lowest point since the global financial crisis with key sectors such as manufacturing extremely gloomy about the future, Labour’s Finance spokesperson Grant Robertson says.

“According to NZIER’s Quarterly Survey of Business Opinion, confidence is net nine per cent negative, with manufacturers a net 35 per cent negative.

“Even the construction sector has a negative view – showing the Christchurch rebuild is tapering off and that builders don’t have confidence that there will be sufficient house building in Auckland anytime soon.

“This is a vote of no confidence in the government by the business sector. While businesses may back their own company, they clearly aren’t backing National to pull the economy out of its slump.

“There is no lack of ideas and possibilities among the businesses of New Zealand. What they need is the government to be there with them as a partner. It’s time for National to come up with measures to stimulate the economy. Bringing forward infrastructure projects and kicking off a house-building programme like Labour’s KiwiBuild would give business more confidence in the future,” Grant Robertson says.