Quarterly Survey of Business Opinion

The Q2 2026 NZIER QSBO indicates a partial recovery in business confidence alongside continued soft economic activity and significant pricing pressures. ANZ expects the RBNZ to continue lifting the OCR in upcoming months to counter these inflation risks.

Key Takeaways

• 1.Headline business sentiment showed a partial rebound, though activity remains soft.
• 2.Cost and pricing indicators point to acute inflationary pressures, which may concern the RBNZ.
• 3.ANZ maintains the view that the Official Cash Rate (OCR) will be raised by 25bp in both September and October.

Table of Contents

• Weak activity; acute inflation pressures
• Key points
• The details
• How the QSBO compares to ANZBO
• Meet the team
• Important Notice

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