30 Sep 2013

Business confidence hits 14-year high

3:40 pm on 30 September 2013

Business confidence has hit a 14-year high.

The ANZ's monthly gauge of business sentiment shows optimists outnumber pessimists, with a net 54% of firms expecting economic conditions to improve in the coming year, the highest level since March 1999.

ANZ says firms are extremely upbeat about their own prospects, and expect to make more money. Hiring and investment intentions also rose.

When this report is combined with ANZ's consumer confidence survey earlier this month, it indicates the economy will grow nearly 4% by early next year.

Economic activity has been growing, with the rebuilding of Canterbury and robust consumer spending underpinning growth.