Challenges and growth for Māori businesses
BNZ has unveiled the results of its first-ever Māori Business Sentiment Survey that seeks to fill a significant data gap by shedding light on the experiences and outlooks of Māori businesses amid current economic pressures.
Understanding and supporting the Māori economy
Whetu Rangi, BNZ’s head of Māori business, stressed the importance of the survey in enhancing understanding and support for the Māori economy.
“The data gap around the sector has been a barrier to understanding and supporting the Māori economy,” Rangi said. “By launching this survey and committing to conducting it regularly, we are aiming to bridge this gap and foster ongoing collaboration and knowledge sharing.”
He hopes the survey will become a critical tool for promoting a better understanding of the sector and aiding in the flow of capital within the Māori economy.
See LinkedIn post.
Economic challenges at the forefront
The BNZ survey, which garnered responses from 125 participants involved with Māori businesses, identified economic conditions as a major hurdle, with 71% citing it as their primary concern.
Mike Jones (pictured above), BNZ’s chief economist, noted that these sentiments reflect broader economic challenges.
“The sentiment expressed in these findings echoes what we're witnessing in other parts of the economy as we navigate through the trough of the economic cycle,” Jones said.
Key survey findings:
- A majority (82%) expect cost increases over the next year.
- 27% of respondents anticipate profitability growth, versus 33% expecting a decline.
- Employment levels are expected to decrease by 34%, compared to 29% expecting an increase.
Signs of resilience and optimism
Despite the challenges, the survey also uncovered signs of resilience and optimism within Māori businesses. Only 15% observed improvements in the past year, yet 26% expect better conditions in the next 12 months. Additionally, 37% plan to increase investment in the coming year, suggesting a strong belief in future growth potential.
Continued commitment to Māori business success
The launch of the BNZ Māori Business Sentiment Survey underscores BNZ’s ongoing commitment to supporting Māori business.
This initiative is part of the bank’s broader strategy to provide financial solutions that help Māori families and businesses thrive.
For more details and analysis, click here. An infographic is available here.
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