Chance of rate cut falls on back of survey

In its latest Economy Watch report, BNZ economist Stephen Toplis says the "survey is probably strong enough to caution against any further rate cut by the (Reserve) Bank."

Meanwhile another BNZ report out yesterday its economists warned of the need to avoid the temptation of get over-excited about economic recovery.

Its Capital Markets Outlook says that while a turning point now seems clear, there is little to guarantee it will be robust enough "for us all to climb out of the big hole we're in."

"Folk run the risk of getting overexcited," it warns.