Executives are increasingly optimistic now the Reserve Bank has cut rates. But how long can their companies hold out for the economy to improve?
Executives of big businesses are increasingly optimistic now the Reserve Bank has cut rates and signalled more to come, perhaps as soon as this week, but are still waiting for our economy to improve.
“It’s still pretty tough going,” Deloitte New Zealand’s chief executive Mike Horne told Markets with Madison at the Herald’s Mood of the Boardroom event last week.
“I think we’ve still got really another probably six to nine months where it’s gonna be pretty choppy.”
Horne hit headlines last year for saying the country had “lost its mojo” at the same event.
“There’s a glimmer of light, but, I think as a country, we still really need to find that sense of ambition, both on the global stage, but also I think a sense of confidence locally.
The chief executives of Auckland Airport, Carrie Hurihanganui (left), Mainfreight, Don Braid, and Deloitte New Zealand, Mike Horne (right), talk to Markets with Madison at the Herald's Mood of the Boardroom event in Auckland.
Leaders of businesses that operated in numerous markets, including Mainfreight and Tourism Holdings, said the domestic economy was more depressed than others offshore, such as the United States.
“Although in the last three months, we’ve seen some improvement.” Mainfreight’s managing director Don Braid told Markets with Madison.
While rate cuts had provided some economic relief, executives were clear that more cuts were required.
Watch leaders of Mainfreight, Genesis Energy, Auckland Airport, Tourism Holdings and more, discuss how their companies are coping in this economy in today’s episode of Markets with Madison above.
Get investment insights from executives and experts on Markets with Madison every Monday and Friday here on the NZ Herald, on YouTube and wherever you get your podcasts.
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Disclaimer: The information provided in this programme is of a general nature, and is not intended to be personalised financial advice. We encourage you to seek appropriate advice from a qualified professional to suit your individual circumstances.
Madison Reidy is the host and executive producer of the NZ Herald’s investment show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.
