Business confidence - which keeps heading lower - remains at odds with relatively robust fundamentals of the economy.

What gives?

Are confidence survey's a harbinger of recessionary doom?


Or are they a political football powered by the anti-Government bias of business leaders?

There's almost certainly a bit of political feeling that in top-line confidence numbers.

The NZ Institute of Economic Research - which has its Quarterly Survey of Business opinion due tomorrow - has done research which shows that historically confidence levels are lower when Labour Governments are in power.

The September ANZ Business Outlook Survey saw headline confidence