A survey out today show business confidence has fallen to the lowest quarterly level since the 1991 recession.
The National Australia Bank's business confidence expectations index for the September quarter dropped four index points to negative eight points.
The NAB's head of economics Jeff Oughton says falling consumer confidence, rising borrowing costs and share market volatility are all shaking business confidence.
Sectors feeling it most include property services, construction, transport and storage, household goods and car sales, while the mining industry is still looking up.