Mood of the Boardroom: CEOs say businesses are too cautious to invest

New Zealand Herald · Fran O'Sullivan · 2026-10-24 06:00 UTC

58% say business is not showing enough 'animal spirits' to drive growth.

“There’s plenty of ambition in New Zealand business, but too much energy is still going into managing uncertainty rather than backing growth,” says Kirsten Patterson from the Institute of Directors. “Some New Zealand boards are very good at asking what could go wrong; we need to get much better at asking what could go right. If the risk register dominates the boardroom and the opportunity register is missing, we shouldn’t be surprised when investment, innovation and growth stay cautious.”

It is a sharp critique of corporate decision-making — and a reminder that the investment deficit cannot be blamed entirely on Wellington.

Yet the survey also delivers a strong message to politicians: businesses making long-term investment decisions need confidence that the rules will not change every three years.

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