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Business confidence stalls in NZ's largest city

Wednesday 23rd November 2011

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Auckland businesses have signaled a slide in their overall business environment, with confidence prospects down on the previous three months.

The Auckland Chamber of Commerce, which surveys 1000 business respondents, found 18 percent said the general business environment would worsen over the next six months, compared to 13 percent in the August survey.

The results come ahead of this weekend’s general election, and on the back of the Rugby World Cup. The global economy is also again in turmoil.

“Putting these events together there appears to be an overall lack of confidence and many businesses not making decisions to change their future prospects,” said Chamber chief executive Michael Barnett.

The single biggest factor for the region was growth, with demand usually the major issue, said Barnett.

Demand was less of an issue for those in manufacturing, wholesale distribution and services, but it was more so for traders. Costs and prices remained the same as in August, as did profitability expectations.

Some 46 percent of those surveyed expect interest rates to rise over the next 12 months compared to 54 percent last August.

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