Anxiety across the economy, about the business year ahead.

New figures from NZIER show business confidence has plunged to its lowest level since records began more than half a century ago.

Almost three quarters of businesses expect economic conditions to worsen in the coming months.

BusinessNZ chief executive Kirk Hope Tim Dower inflation and rising interest rates are taking their toll on consumer spending, as the world grapples with the war in Ukraine and global trading instability.

He says businesses are also putting off investment decisions until after the election.

LISTEN ABOVE