The latest survey by the New Zealand Institute of Economic Research showed business confidence remained deeply negative in the three months to June.

The quarterly survey of business opinion by the NZIER, released on Tuesday, showed a net 64 percent of companies expect general business conditions to deteriorate in the next six months.

That's the highest level of pessimism since December 1974, but is unchanged from the previous quarter.

The survey also ascertained the number of companies that increased their prices in the past three months and those that intend to do so in the coming quarter, is at its highest level since 1987.