Business is hoping for a much needed boost to confidence from next week's federal budget after a new survey found further flagging expectations for the economy.
The Australian Chamber of Commerce and Industry business expectations survey for the March quarter predicts falls in a range of indicators, including profits, employment, export sales and investment.
The survey of 2000 businesses also found the expected performance for the Australian economy over the coming year fell for a fourth consecutive quarter to an index of 42.2 points,
This is well below the 50 mark that separates a positive outlook from a negative one.
The chamber's chief executive Kate Carnell says the results are "deeply concerning", but that the May 12 budget gives the government the opportunity to restore both business and consumer confidence.
"Businesses are looking for credible reform from the federal government and need to know that there are plans to bring the budget under control and protect Australia's AAA credit rating," she said while releasing the survey on Monday.
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