The Latest Word by Leeann Watson | 15 March

Today, we are releasing the results of our March Quarterly Canterbury Business Survey. Thank you to those who participated, your feedback each quarter allows us to get timely insights into business confidence and economic activity across the region. This month we have also collected valuable information from you about Councils’ performance and priorities that will inform our submissions on Long-Term Plans later in the month.

Results this quarter showed that while business confidence has levelled out following a post-election surge in our November survey, most measures like expectations about future financial performance, investment, and the strength of our economy remain positive.

What worries me most is that 71% of businesses still expect costs to rise over the next 12 months, with more than a third experiencing significant impacts from rising input costs, wages, and interest rates. Another cost pressure for businesses comes from increasing compliance costs, which we have been working closely with officials and new Ministers on addressing, with some of those concerns and solutions being put to the Minister for Regulation, Hon David Seymour at a meeting here at Business Canterbury last week.

Some great insights are coming from our surveys, and we will continue to use them as we develop our work programme and respond to the pressures and opportunities you are facing. For a more detailed analysis, please refer to our website where you can read our summary document, which includes sector snapshots that may be of interest to you.

In a follow-up analysis of the survey and wider economic trends impacting businesses in Canterbury, on March 27 we will be hosting Westpac Chief Economist, Kelly Eckhold to interpret the results of our survey and update you on what they mean for you and where it leaves us in comparison with the rest of the country. Please register here if you would like to come along.

If you would like to further contribute to our submissions on Council Long-Term plans, and our wider advocacy positioning, we would love to hear your feedback at our Local Government Forum on March 25. This is a really important session for us, and there is no cost to attend. As a thank you for your time, there will be refreshments and food following the formal part of the session.

Ngā mihi,

Leeann Watson | Chief Executive

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