UPDATE: more filings + latest business confidence results published since original post.

The annual and half-year reports emerging in the New Zealand market this week appear to be generally soft—perhaps indicating that the economy remains relatively fragile, and that strong economic growth may still be some way off.
  • Ecoya's revenue is up 16%, while EBITDA remains in the red
  • Rangitira reported that operating earnings of $3.3M for the six months to 30 Sept 2012, down from $4.4M for the corresponding period in 2011.
  • Sanford's profit fell and sales growth stalled.
  • PharmacyBrands appears to be growing, but the bulk of the growth has come from acquisitions.
  • In contrast Air New Zealand has provided guidance that it is on track to double its pretax earnings.
  • Argosy boosted its first-helf result by 29% (albeit on the back of an in-house merger)
  • TOWER (the insurer) reported a 67% increase in net profit after tax.

While business confidence is reportedly improving, more strength is needed in the economy. What do you think the trigger to tip the economy from "fragile" to "strong" will be?