The economic concerns flagged by ANZ's business confidence survey have now extended to consumers, with the ANZ-Roy Morgan consumer confidence measure plummeting 11 points to 80.3 in April - its lowest level in three years. The sharp decline means consumers' perception of their personal financial situation has fallen to levels last seen during the Global Financial Crisis, with confidence dropping 20 points over just two months since conflict in Iran began affecting global markets.

The consumer data reveals the human impact of the economic pressures identified in business surveys, with two-year inflation expectations surging 0.9 points to 6.6% - the highest level since the measure began in 2010. ANZ chief economist Sharon Zollner attributed the consumer pessimism to higher petrol prices hitting weekly household budgets, demonstrating how geopolitical tensions are translating into real financial stress for New Zealand families. The confluence of deteriorating business and consumer sentiment, combined with record-high inflation expectations, paints a comprehensive picture of an economy under significant strain.