Profit expectations remain low, but are rising.

Rising rural sales a feature of NBNZ regional growth report.

New Zealand’s economic activity lifted last quarter, but annual economic growth was weaker throughout the country, according to the National Bank Regional Trends report.

The country’s largest banking group is bringing both its banks - ANZ and National – on to the same IT system – a sign the banks could work more closely in the future.

ANZ New Zealand will adopt the National Bank’s faster ‘systematics’ banking system by the end of next year.

The bank’s chief executive David Hisco said the shift would streamline operations and help it serve its customers better.

This afternoon’s headline business confidence figure is a bit of a shocker.

The latest monthly National Bank business confidence survey shows a 12-point fall in the headline rate.

Business expectations of their own activity also fell seven points – but this crucial indicator is still in positive territory by 32 points and is above the historical average.

All sectors, except the unusually upbeat manufacturing sector, reported declines in the outlook for their own sector.