Confidence trick
Small- and medium-sized enterprises are an economic powerhouse and the country can’t afford to drive them out of business. Business confidence surveys are often Eeyorish when the Labour Party is in office. But the latest plunging New Zealand surveys show them heading into “Beware of the Bear” territory. The ANZ business outlook survey this week reported a seven-month low with a net 39% of firms surveyed expecting general business conditions to deteriorate in the coming 12 months. That’s 12 points lower than May’s result and the lowest since November 2017. It comes on the heels of the Auckland Chamber of Commerce’s warning that the spiking price of fuel, slow progress on housing and infrastructure and the threat of rising labour costs have sent business confidence in the nation’s biggest city…