The country’s economic engine room, Auckland, may be sparking to life, but the rest of New Zealand is struggling to fire according to the latest MYOB Business Monitor survey. Lacklustre results from around the country are seeing business owners downgrade their revenue expectations for the year ahead, as three quarters of regional New Zealand businesses put the recovery more than a year away.
The regular survey of over 1000 SME business owners nationwide has highlighted a two speed economy where businesses in the main centres expect to earn significantly more in the next 12 months, while regional New Zealand – which makes up 46% of the business population – struggles.
According to the MYOB Business Monitor, a net 36% of Auckland businesses expect their earnings to increase in the next 12 months, 33% in Christchurch and 25% in Wellington. In contrast, a net 8% of regional businesses expect to earn more in the coming year – downgraded from a net 25% expecting annual revenue growth in the March MYOB Business Monitor.
MYOB general manager Julian Smith says the survey highlights the continued fragility of the economy and the struggle business owners – particularly those outside the main centres – are facing to maintain growth.
“We’ve been really encouraged to see Auckland trending steadily up in the last two quarters, and Wellington post some excellent
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