"Prior to that you have to go all the way back to May 2009 to see a period when the index printed consistently below today's level.

"Respondents are clearly concerned about the outlook for the economy and job security. In addition there is ongoing disillusionment about the May budget, six months after it was announced," he said.

The people surveyed were most pessimistic about whether or not it was a good time to buy a major household item, marking down that sub-index by nearly 12 per cent. They were also particularly gloomy on what economic conditions would be like over the 12 months.

Wednesday's survey is the latest in a string of downbeat economic indicators. On Tuesday, National Australia Bank became the second of the nation's big four banks to change its call on interest rates next year after its closely-watched business survey revealed gloomy findings supporting two rate cuts in 2015.