New Zealand business confidence at lowest since 1974

WELLINGTON (Reuters) - New Zealand's business confidence in the fourth quarter of last year hit its lowest level since 1974 as companies grapple with higher interest rates, cost pressures and soft demand, a private think tank said on Tuesday.

A net 70% of firms surveyed expected general business conditions to deteriorate compared with 42% pessimism in the previous quarter, the New Zealand Institute of Economic Research's (NZIER) quarterly survey of business opinion (QSBO) showed.

It added that business confidence is now at its lowest level since 1974, while on a seasonally adjusted basis it is the weakest since the survey started in 1970.

(Reporting by Lucy Craymer in Wellington; Editing by Matthew Lewis)