The latest budget delivered by Finance Minister Grant Robertson failed to provide business with any meaningful support and indeed may serve to make the current economic situation even more perilous, with inflation still high and interest rates predicted to rise once again.
It therefore doesn’t take a Rocket Scientist to figure out that business confidence is very low, with recent national and local surveys reporting that business owners remain pessimistic about the economic environment in which they are having to operate. Locally, over half of survey respondents expect the economy to deteriorate, with 68% viewing the current state of the economy as poor and in a rather concerning response, 39% expressed little or no confidence in their ability to grow in the coming twelve months.
Adding to the economic pressure for everyone, Auckland Council’s budget deficit which I highlighted last month has now increased to around $325 million, with the flood recovery response likely to add another $50 million to the expense column. This can only result in further financial pain for us all in one form or another as the Council looks for ways to mitigate its fiscal problems.
I believe that the information above begs the question, is there any light at the end of what remains a very long and dark tunnel? Unfortunately, only time will tell.
I would once again ask you to continue to offer your support to our local businesses by buying local and utilising locally available goods and services.
Business North Harbour Staff Contacts
Kevin O’Leary – General Manager
Bernadette Roberts – Marketing & Events Manager
Sarah de Zwart – Relationship Manager/Transport Projects
Dave Loader – Crime Prevention Specialist
Kate Thorpe – Office Manager
Business North Harbour Office
Telephone: 09 968 2222
Address: Level 1, 322 Rosedale Road
Source: Networker Magazine
