Economic Sentiment Hits 10yr Low
December 5, 2022
PHOTO: 1News
It’s a massive shift since September, when 36% responded ‘better’ and 38% responded ‘worse’.
And it’s the worst New Zealanders’ economic outlook has been since at least 2012.
It comes as the Reserve Bank has warned the economy is “likely” to enter into a recession next year, after a 75 basis point bump took the official cash rate to 4.25% earlier this month; the ninth rise in a row.
The housing market has already seen significant falls in property prices. The average asking price for a house fell below $900,000 in November for the first time since mid-2021, according to the latest data, with predictions it could sit around $890,000 by the end of the year.
Inflation is at 7.2%, only slightly below June’s 32-year high of 7.3%.