New Zealand’s ANZ Business Outlook Index rose to 52.5 in October 2026, up from September’s three‑month low of 51.9, signaling that business confidence remains resilient despite headwinds from higher oil prices. Expected own activity softened (46.2 vs 47.9 in September), even as assessments of past activity improved (15.0 vs 10.8). Export intentions strengthened (32.6 vs 30.0), profit expectations edged higher (23.7 vs 22.5), and employment intentions ticked down slightly (17.4 vs 17.9).
Investment intentions weakened (18.3 vs 22.6), while pricing intentions increased (52.2 vs 48.4). Cost expectations were unchanged at a high 81.9, and wage growth expectations eased marginally (2.79% vs 2.83%). Inflation expectations moved slightly higher (3.31% vs 3.25%), alongside an improvement in credit availability (0.5 vs -0.3). By sector, both residential construction (19.4 vs 22.2) and commercial construction (18.6 vs 23.6) moderated.