It’s not just an elephant in the room - it is a large neon sign with fireworks going off in the background.
That’s Prime Minister Jacinda Ardern's description of business confidence, or rather, lack of it.
Last July, 40 percent of firms thought things would get better for them. However, fast forward to July this year - just four percent felt that way.
Speaking at a business community breakfast this morning, the Prime Minister decided to tackle the issue head on by announcing a business advisory committee.
Air New Zealand chief executive Christopher Luxon will be chair of the council which aims to "build closer relationships between Government and business," a statement released by the Government reads.
The council will enable "high-level free and frank advice to the Prime Minister on key economic issues," the statement adds. The council will also "create a vehicle to harness expertise from the private sector to inform the development of the Government's economic policies".
Speaking to RadioLIVE Drive, Mr Luxon said he's looking forward to the challenge. He said the initiative is important because "building a better, more sustainable New Zealand is a cause well worth putting all our collective efforts and energy behind."
But business confidence hasn't been so low since March 2011, according to the New Zealand Institute of Economic Research (NZIER) quarterly survey of business opinion for June.
Listen to the full interview with Christopher Luxon above.