There’s been a palpable downturn in economic confidence. In previous weeks, we highlighted the fall in business sentiment as firms across the nation have grappled with rising cost pressures and ongoing disruptions to supply chains. That concern has now spread to the household sector. In fact, our latest Westpac McDermott Miller survey revealed that confidence among New Zealand households has plummeted, dropping to its lowest levels since we began the survey back in 1988. Underlying this grim assessment of economic conditions, household budgets are being squeezed in a way that they haven’t been for decades. Much of ... (full story)