Hospitality also continues to face elevated insolvency pressure, with its liquidation rate sitting 3.3 times that of the average New Zealand business. During the past 12 months, 422 hospitality companies entered liquidation, up from 297 a year earlier.
More than 2900 hospitality businesses also ceased trading during the period, an increase of 38%.
“It doesn’t paint a great picture of the economy, does it?” Dann said.
“But we’re starting to hear the economists sounding a bit upbeat again.”
There had been some data from ANZ, with business confidence showing that things are a little bit upbeat, Parker said.
“They’re indicating that the expectation is things are as bad as they are going to get and they’re getting better. But I…