The Longhaus Australian Tech Index lost 3.1% (or 4.6 points) in the first quarter to finish at 141.5 points. This represented the third consecutive quarterly fall. The decline is largely led by weakening performance of Australian ICT vendor dynamics, with ICT employment capability indices sinking 45%, and investor confidence slipping to 2006 levels. The 4.6 point decline in Q1 matches Longhaus’ optimistic forecast published in January. Looking forward, renewed concerns surrounding the global recession continues to hurt the confidence of the local ICT industry with the majority of the 51 respondents of the Longhaus CIO Confidence Poll anticipating further falls in overall ICT economy performance in the second quarter.