Business confidence at 19-year high

'The last time we saw these sort of readings, in 1994 and 1999, an economic upswing was in full swing. Gross domestic product growth was in excess of 5 per cent.'

In both those cases the economy was rebounding from recession. This time there are some additional one-offs - the need to rebuild Christchurch and address housing shortages in Auckland, and the most favourable terms of trade for 40 years.