NZ Federated Farmers (NZF) released a farmer confidence survey of 1725 farmers showing confidence has dropped to it’s lowest level since 2009.
59% of farmers expect economic conditions to worsen over the next 12 months. Their three greatest concerns are:
1) the economic situation
2) regulation and compliance costs
3) commodity prices.
You’d say that this would have to reflect right across the business and consumer sectors given the ‘wearing away’ effect covid is having at large, though farmers have the added burden of regulation and compliance costs driven by NZ’s Labour Government. This features very heavily amongst farmers in general, with many calling the government’s intentions “unworkable”.
Rabo’s NZ research is due out soon though it seems to me there’s a tendency for NZ farmers to be consistently less optimistic than their Aussie cousins.