Economic Forecast with ASB’s Nick Tuffley

Overview

NZ’s economy is facing further short-term disruptions from the latest COVID wave (Omicron).  The Government response to this outbreak and future ones is different.  The business and economic outcomes will be different also, driven primarily around workforce disruption and the risk tolerances of individuals and organisations.  NZ’s growth drivers will settle into being more ‘normal’, driven by business cycle trends.  After a relatively strong upswing in consumer spending and the housing market, growth will start to be led more by business capital spending and earnings from relatively high export prices.  Households and businesses alike will face growing headwinds from rising interest rates and above average inflation.  Meanwhile, the labour market is likely to remain very tight, with organisations continuing to grapple with retention and recruitment challenges.  Globally, Russia’s invasion of Ukraine will in time influence trade and global political boundaries.

Nick Tuffley

Nick Tuffley was appointed as ASB’s Chief Economist in January 2007, having previously worked at Westpac and the Reserve Bank of New Zealand.  Nick studied at Canterbury University, graduating with a Master of Commerce in Economics. 

He and the rest of the Economics team provide regular analysis of economic developments and the outlook through written publications and media comments.  Their key objective is to help the bank’s clients make better-informed business and personal finance decisions.  The Economics team has won 3 Consensus Economics Forecast Accuracy Awards for their NZ forecasts.

Nick speaks at a variety of functions large and small from gatherings of corporate customers, through industry conferences, to large cocktail functions for customers.  He has spoken in shearing sheds, wineries, art galleries, the Air Force museum, ambulance stations – and even convention centres.  He is interviewed regularly on TV and radio.

The bank’s aim is to help people achieve their financial goals.  Professionally, Nick enjoys hearing from customers of how their efforts and determination have brought them success in their business or personal lives.

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