"There's been a lot of big announcements, but in terms of shovels going into the ground, there's not very much at all. That's the big worry."
The airline has cut thousands of jobs over the past few weeks.
Major purchase intentions have improved but over half of respondents expect bad times ahead.
But he says Australia is also facing issues of its own.
The quarterly report highlights the need to be adaptable and flexible.
"We will have to spend more overall on benefits because there will be more New Zealanders on benefits."
International students, film industry heavyweights and superyacht owners will all bring money here.
The latest Financial Stability Report uses 'stress tests' to assess bank resilience.
However, the economic bust could be good for bank accounts in the long run - if you play your cards right.