As a follow up to the M2 data...
M2 money supply is currently contracting, which has in the past correlated with economic depressions/high unemployment.
Interest rates are expected to continue to rise through 2023 (at least another 1.5%?) - unemployment is expected to increase (some companies have already started the layoffs) and 59% of NZ mortgage debt is rolling over to the new rates within the next 12 months (according to RBNZ, as of 31 January 2023).