Business confidence in New Zealand is being described as a ''grand slam combination'' when the intentions of firms are analysed.
The ANZ Business Outlook showed confidence remaining high, despite easing in April. A net 30% of firms were optimistic about the general economy.
Sentiment fell in four sectors - retail, manufacturing, agriculture and construction - but lifted across services.
The survey showed firms' own activity expectations were lofty at 41 points, well above the historical average of 27. They dipped a point in April but that was entirely seasonal. Employment intentions lifted from 21 to 22 and profit expectations were pared back from 30 to 26.
Investment intentions were down but at 22 remained at elevated levels.
Residential investment intentions eased from 38 to 35, while commercial construction intentions lifted from 43 to 45.
Export intentions took the largest hit in the April survey, falling from 32 to 23. The high New Zealand dollar delivered a slap to export intentions, ANZ chief economist Cameron Bagrie said.
''The economy remains on track for 3% real GDP growth over the year ahead. That sort of growth is more than enough to keep the economic wheels turning, employment rising and wage gains accruing. Success can breed more success and maintain the feel good factor.''
Potential spoilers included the stratospheric New Zealand dollar and the low dairy payout undermining incomes, a potential macroprudential response to calm Auckland's property exuberance and the normal hand wringing over the global scene, he said. It was now six years since the global financial crisis, which at its heart was caused by mispriced risk.
Massive support from central banks through quantitative easing and very low interest rates was ongoing.
Pricing signals were being distorted to such an extent there were concerns the strategy of increasing liquidity, which drove asset values higher, was sowing the seeds of the next economic calamity, Mr Bagrie said.
Summary
Business confidence and firms' signals on employment, investment and activity continued to oscillate as opposed to trend.
They were holding on to high levels, consistent with an economy entrenched in robust and steady economic expansion.
Last month's rebound in agricultural sentiment proved short lived.
Signals from the survey's pricing gauges remained subdued. If this is sustained, the official cash rate is likely to head lower.
