Business outlook survey nudges higher

Business confidence nudged higher in the June National Bank Business Outlook survey but the bank continues to see a "lack of conviction" in the reading.

A net 39 per cent of those surveyed expect worse times over the year ahead, which is an improvement from the net 50 per cent in last month's survey.

The bank said price intentions continue to increase and for the fourth successive month firms' own activity expectations are negative.

"Not since 1988 have we seen firms' own activity expectations remain so consistently weak," National Bank chief economist Cameron Bagrie said.

On a more positive note the New Zealand dollar is starting to correct lower and tax cuts will deliver impetus to the economy.

"We're in no doubt that the seeds of an upswing and the all important realignment in the composition of growth are very slowly being sown," he said.

- NZPA