When the Reserve Bank slashed the official cash rate to a record low of two per cent on Tuesday, Treasurer Joe Hockey urged households and businesses to race out and sign up for a new loan.
"Now is the time to borrow and invest," the treasurer said.
On Wednesday, business made its response: not just yet, thanks.
A survey shows the mood of business leaders remains decidedly grim.
Australian Institute of Company Directors chief executive John Brogden says the rate cut and Mr Hockey's exhortations are unlikely to spur business into a new growth phase.
"Right now I think people are wanting some clear direction from the budget," he said.
The institute's Director Sentiment Index reveals continuing pessimism among company directors about the economic outlook, the "poor quality" of public debate and the Abbott government's inability to push reforms through a hostile Senate.
Infrastructure spending remains the biggest priority for business in both the long and short term, and 89 per cent of directors say government spending is too low.
Tax reform is the next-biggest concern, in particular the GST. Almost 80 per cent of the 540 directors surveyed say the GST should be increased or broadened.
The bi-annual survey recorded the third decline in sentiment in a row, and the overall mood is now at its lowest level since the series began in 2013.
A week out from the federal budget, the survey shows 37 per cent of directors want to see it return to surplus within five years and 29 per cent within 10 years.
However, 24 per cent of directors say returning to surplus is not a priority at all.
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