Summer Chorus: The Grinch has already stolen the Christmas cheer
Business and consumer confidence surveys show Adrian Orr's Nov 23 mega-hike and 'cool your jets' warning shocked confidence to record lows in the month before Christmas
TLDR: There’s still four shopping days to go until Christmas, but it’s already clear the cheer has gone.
Business and consumer confidence surveys out on Monday and Tuesday have shown Reserve Bank Governor Adrian Orr’s ‘cool your jets’ mega-rate-hike on November 23 shocked the confidence levels of spenders and business investors to record lows in December.
The Grinch has already stolen Christmas. The fruit mince pies are gone. Higher interest rates and inflation ate them.
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Elsewhere in our political economy here and overseas over the last day:
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