27 Sep 2012

NZ business confidence falls, but still underlying optimism

6:44 pm on 27 September 2012

New Zealand's business confidence fell for the first time in three months in September, but a survey shows there is underlying optimism from companies for their own prospects.

The National Bank's monthly business confidence survey shows a net 17% of businesses expect the economy to improve over the year ahead, a fall from 20% last month.

But a net 29% of firms expect activity to grow in their business, which is up on last month.

ANZ National Bank chief economist Cameron Bagrie says the results look reasonably encouraging, but businesses still need to be cautious.