Hon GRANT ROBERTSON (Minister of Finance): The latest ANZ Business Outlook data for November 2020 showed that general business confidence continued its improved performance since August. Headline business confidence improved by 9 percentage points from the October reading, with indicators relating to investment, employment, and profit all higher. Services and manufacturing improved their expectations on ANZ's measures, and construction was the most optimistic sector of the economy. Both residential and commercial construction expected higher activity in the future. Pleasingly, and finally in this primary answer, the indicator showing businesses' own activity levels rose by 4 percentage points. This measure is more closely correlated with actual economic activity. ANZ noted that the New Zealand business sector is "feeling increasingly upbeat" and that "Monetary and fiscal policy have undoubtedly done their jobs this year."