Businesses are more cautious about the outlook for the New Zealand economy.
ANZ Bank's September Business Outlook Survey showed an equal number of optimists and pessimists with a view about the economy over the next year.
There were a number of falls in the data, firms' outlook for their own business dropped, along with investment, employment and profit intentions.
ANZ chief economist Cameron Bagrie said he was not reading too much into the data.
"Survey indicators are by-and-large still elevated in level terms ... that said, peaks have been pared back," he said.
Mr Bagrie said the economic cycle was maturing and construction, tourism and immigration were nearing peaks.
"New economic drivers are appearing in the form of high commodity prices, rising household incomes and expansionary fiscal policy," he said.
Mr Bagrie said businesses were also wary of political uncertainty from the general election.