BRAD OLSEN Econ Talks – NZ economy stressed as we pay the inflated price for too much stimulus (14 April 2022) Households' confidence in their region's economy remains "down in the dumps" with Auckland confidence plummiting more than any other region in the June quarter, Westpac says. Westpac acting chief economist Michael Gordon said the Westpac McDermott Miller regional economic confidence survey showed households across the country continued to battle cost-of-living increases, while falling housing prices also weighed on sentiment. All regions were in pessimistic territory over the quarter with households' economic confidence in their regional economy plummeting the most in Auckland, he said. "Indeed, Aucklanders are at the forefront of both the cost-of-living surge and the correction in house prices," Gordon said. READ MORE: Regional economic confidence plunges on double punch of Omicron and cost-of-living increases Consumer confidence lowest since 2008 global financial crisis: Westpac survey "From here, we expect that the ongoing rises in the cost of living and further falls in house prices will continue to weigh on regional economic confidence in most regions over coming quarters." Net confidence in Auckland fell from -6% to -37%, meaning it had both the lowest confidence in the June quarter,… Read full this story
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