New Zealand’s ANZ Business Outlook Index jumped to 36.6 in June 2026 from 10.0 in May, reaching its highest level since February. Firms’ own activity outlook rose sharply (36.9 vs 25.6), although reported past activity softened (9.0 vs 14.8), reflecting the impact of oil price shocks stemming from tensions in the Middle East.
Forward-looking indicators were broadly stronger. Export intentions increased (18.1 vs 11.5), as did profit expectations (13.0 vs 2.0), investment intentions (16.5 vs 5.8), and employment intentions (9.4 vs 3.4). Pricing intentions eased somewhat (50.7 vs 56.7), as did inflation expectations (3.36% vs 3.63%), while wage growth expectations edged slightly higher (2.53% vs 2.48%). Meanwhile, cost expectations declined (84.7 vs 90.4), and perceptions of credit availability improved significantly (-1.9 vs -17.5).
Sentiment in the construction sector strengthened notably, with residential construction confidence rising to 25.0 (from 11.8) and commercial construction to 28.9 (from 13.5).