Nathan Penny: Westpac senior economist on the Westpac McDermott Miller Regional Survey results confirming economic confidence is low - Heather du Plessis-Allan Drive

Data from the Westpac McDermott Miller Regional Survey confirms that economic confidence is at a new low.

Auckland is the least confident overall, but most regions around the country aren't feeling optimistic about what 2023 has in store.

Westpac senior economist Nathan Penny says that inflation has driven up living costs and interest rates and that 2023 is set to fix the over-heated economy, but it won't be pain-free.

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