Agriculture is leading the way as the country's top performing industry.
Xero’s latest Insights report shows consistent under-performance in New Zealand’s small business sector in the past year, with sales falling by 0.1% in the June quarter.
Country manager Bridget Snelling told Mike Hosking sectors that are more sensitive to consumer spending and interest rates are being hit hardest.
She says construction is down 6.4%, retail is holding flat, and hospitality is down 2.1%, so it's tough conditions for small businesses.
However, sales in the month of June rose 4.4%, the strongest monthly increase since April 2024.
Snelling says we're in an unstable global economic situation, and people are not feeling confident to spend as they may have done in a more prosperous economic time.
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The Mike Hosking Breakfast