The latest NZIER Quarterly Survey of Business Opinion, which shows the highest level of general business confidence since 2021, is a sign the New Zealand economy is moving in the right direction, Finance Minister Nicola Willis says.
“When businesses have the confidence to invest and grow, it means more jobs and higher incomes for Kiwis.
“The survey shows business is feeling more positive after a period doing it tough with a period of high inflation and climbing interest rates now coming to an end.
“Business confidence turning positive for the first time since June 2021, and only the second time since 2017, shows the Government’s plan to rebuild the economy is working.
“We are doing our bit to support growth by fast-tracking projects of economic significance, signing trade agreements, refocusing the education system on core skills and removing red tape.
“There have been three official cash rate drops since August and annual inflation is down to 2.2 percent, providing relief to Kiwis and lowering the cost of borrowing for businesses wanting to invest and grow.
“Businesses know this Government has their backs, that’s why more and more of them are taking heart that the economy is turning a corner,” says Willis.
The NZIER Quarterly Survey of Business Opinion release is available here.
Refreshed team to drive economic growth in 2025
Prime Minister Christopher Luxon has delivered a refreshed team focused on “unleashing economic growth to make people better off, create more opportunities for business and help us afford the world-class health and education Kiwis deserve”.
“Last year, we made solid progress on the economy. Inflation has fallen significantly and now a steady march of interest rate cuts are translating into real financial relief for households. Having set the building blocks for rebuilding the economy, 2025 is all about going for growth and I am refreshing my team to underline this priority,” Mr Luxon says.
“In addition to her role as Minister of Finance, Nicola Willis becomes Minister for Economic Growth – formerly known as the Economic Development portfolio.
“Her focus will be on leading the Government’s growth agenda to unleash the potential of our businesses to grow, develop talent and attract investment. That will mean co-ordinating and strengthening efforts that are already underway to deliver economic growth – and taking responsibility for new initiatives designed to promote growth and productivity in the New Zealand economy.”
“In 2024, Nicola did a fantastic job delivering tax relief for hardworking Kiwis and restoring a culture of fiscal discipline – with New Zealanders now seeing the benefits in the form of lower inflation and interest rates. In 2025, I’m confident she will bring that same focus and dedication to the task of unleashing Kiwi businesses to grow at pace,” Mr Luxon says.
