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New Zealand's ANZ Business Outlook Index fell sharply to 36.6 in May 2025 from 49.3 in the previous month, hitting its lowest level since July 2024. It was the third straight month of decline amid mounting concerns over the impact of rising U.S. tariffs. Both forward-looking activity (34.8 vs 47.7 in April) and past activity (5.1 vs 11.3) plunged. Also, export intentions (11.8 vs 12.2), pricing intentions (45.4 vs 49.4), and investment intentions (11.4 vs 17.2) all weakened. Employment intentions plummeted (6.0 vs 18.1), as did profit expectations (11.1 vs 28.5). Cost expectations eased from a 2-1/2-year high (72.8 vs 77.9), and wage pressures fell to their lowest since August 2024 (75.3 vs 81.3). Inflation expectations edged up slightly (2.71% vs 2.65%), while credit availability deteriorated (8.6 vs 18.2). Residential construction tumbled (36.4 vs 50.0), though still strong historically, while commercial construction activity slid to an eight-month low (20.6 vs 35.5).