The latest NZIER Quarterly Survey of Business Opinion (QSBO) showed some positive developments, with both business confidence and firms’ own trading activity recovering slightly from the weak level seen in the December quarter. The survey also indicated signs of capacity pressures easing in the New Zealand economy as demand further weakened in the first quarter of 2023. This suggests that the increases in the Official Cash Rate (OCR) by the Reserve Bank since November 2021 have started to have a more apparent impact on dampening demand in the economy. In the March quarter, a net 61 percent of businesses expect a ... (full story)