Jacinda Ardern has stated that "with change comes uncertainty", as business confidence falls in New Zealand.

Speaking at her first post-Cabinet address since returning from maternity leave today, the Prime Minister was asked about the view from Treasury that lowered business confidence will begin to have an effect on the Government's growth projections.

"What is of course always more important is what's happening in real terms, that is why I will push back and come back to the fact that when you look at New Zealand's position relative to some of our counterparts, we are performing well.

"We have strong economic growth, we have delivered a surplus and have relatively low debt and unemployment. Those are the things that make a huge difference to the environment which our businesses perform in," Ms Ardern answered.

The Prime Minister then referenced Sir John Key as she continued on the subject.

"What I will acknowledge is John Key has in the past pointed out that we have an over reliance on housing speculation and on immigration as a form of stimulus for our economy that is not sustainable.

"Business has asked this Government to make sure that we look at things like the skills gap, that we address issues around productivity.

"We are doing that, it means that change is being delivered and we're modernising our economy, but with change comes uncertainty," she said.

Yesterday, NZ First MP Shane Jones talked to TVNZ1's Q+A programme about business confidence in New Zealand.