Business confidence has slumped in the wake of February's devastating earthquake in Christchurch.
The National Bank monthly survey of sentiment found pessimists outnumber optimists, with a net 9% expecting worse times ahead.
That's a huge reversal from the 37% who in the previous month were expecting an improvement.
National Bank chief economist Cameron Bagrie says it vindicates the Reserve Bank's decision to cut the official cash rate to 2.5% earlier this month.