Red lines of business confidence in New Zealand

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New Zealand businesses have lost confidence and fear the worst to come as they struggle to find workers and juggle rising costs, National’s finance spokeswoman Nicola Willis said.

“NZIER’s latest quarterly business sentiment survey shows business confidence at its lowest level since March 2020, with 62% of businesses saying they expect worse times to come.

“The vast majority of businesses plan to raise prices over the next three months, and businesses across the country are reporting that it is harder to find unskilled workers than at any time since the mid-1970s. .

“New Zealand businesses are the engine of our economy, growing wealth and creating jobs and income. This data shows that they are running on empty, crying out for workers and drowning in rising costs. Their struggle is bad news for all New Zealanders and portends more trouble to come for our economy.

“This investigation should be a wake-up call for the government. Labor failed to present a credible economic plan, with the result that a growing group of New Zealanders lost faith in their future.

“The government must take steps to restore confidence in our economy: fix immigration parameters to accommodate desperately needed workers, abandon plans for so-called fair pay deals, restore discipline in government spending, abandon plans to introduce an employment tax and halt unnecessary new regulations.

“National would drive New Zealand’s prosperity by listening to business concerns, responding with effective government policy and supporting everyday employers, entrepreneurs and innovators to succeed.”

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