New Zealand’s ANZ Business Outlook Index eased to 53.7 in August 2026 from July’s five‑month high of 56.1. Expected own activity dipped slightly (48.2 vs 49.3 in July) but remained historically strong, while assessments of past activity improved notably (16.4 vs 9.7).
Forward-looking indicators were mixed. Export intentions strengthened (31.4 vs 26.6), and employment intentions also rose (19.3 vs 18.1). In contrast, profit expectations declined (23.1 vs 28.7), and investment intentions edged lower (22.1 vs 22.8).
Cost pressures showed signs of building. Pricing intentions increased (51.0 vs 47.2), cost expectations moved higher (80.8 vs 78.2), and wage growth expectations ticked up (2.62% vs 2.52%). Inflation expectations also rose (3.26% vs 3.14%), pointing to ongoing price pressures. Credit availability improved (2.4 vs 1.4).
Sector confidence weakened, led by a decline in sentiment in commercial construction (24.6 vs 29.3) and residential construction (15.5 vs 27.0).
