Releasing the latest ANZ New Zealand Job Ads series for October, Ms Zollner said the intention to hire could take a back seat when policy uncertainty was high and growth drivers were moving away from one sector to the next.
"This always has the potential to lead to a few wobbles. However, we are mindful of how businesses will respond to a new economic direction."
Change could bring unease and it would be critical the change was communicated and sold well, she said.
If there was buy-in, the potential hit to sentiment, and ultimately hiring, would likely be limited.
ANZ Job Ads lifted 0.9% in October. Quarterly growth in job ads rose 1.5%, having previously slowed in September to 0.7% quarter-on-quarter. Annual job ads growth eased for the ninth consecutive month to 9% in October, on a three-month average.
Job ads in the regions were levelling but all four regions slowed in annual growth terms.
Wellington was the only main centre to show a lift — job ads rose 11% annually.
Auckland and Canterbury job ads growth continued to ease.
Ms Zollner said labour indicators had become more mixed.
In the smaller regions, those which managed to lift annual growth rates included Tasman/Marlborough on 30%, Northland on 26% and Manawatu/Whanganui on 19%.
Otago had annual job growth of 19.7% and Southland had growth of 34.2%. The West Coast topped the index on 39%.
Ms Zollner said the third-quarter September labour market data this week showed the unemployment rate fell to 4.6%, its lowest level since 2008.
The data reflected a gradually tightening labour market. While labour demand growth was naturally beginning to slow, labour market growth would, too, as migration peaked and the participation rate struggled to push higher from record levels.
"Together with the lifts seen in CPI inflation — often the starting point for wage negotiations — the new Government’s policy of minimum wage hikes and workplace relations reforms, ongoing tightness in the labour market means the wage growth pendulum looks set to finally start to shift a little higher."
