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.

LISTEN ABOVE 

• Business confidence at record low, but inflation pressures remain
• Business confidence at lowest point since 2011
• Cost of living crisis: Consumer confidence falls to lowest point on record