Consumer confidence has dropped amid growing concerns about the economic outlook, possibly triggered by the federal election campaign.
The ANZ-Roy Morgan consumer confidence index dropped 2.2 per cent last week, partially reversing 3.6 per cent rise over the previous four weeks.
ANZ senior economist Jo Masters says that while confidence is still 0.4 per cent above its long-run average, it's a disappointing result.
"Consumers appear to be increasingly nervous about the outlook for the economy and their finances in 12 months," she said in a statement.
"It's not clear what has driven this, given recent positive performances in both property and equity markets.
"It is, however, possible that the election campaign is starting to weigh on confidence."
Consumers' growing pessimism about the economic outlook was the primary driver of last week's fall in confidence.
The subindex on economic conditions in the next 12 months has slumped 6.6 per cent.
And, respondents remained downbeat about economic conditions over the next five years, with that subindex falling 2.4 per cent, the second straight weekly drop.
The survey said consumers also had mixed views about their own finances last week.
Respondents were 4.7 per cent less optimistic about their future finances, although optimism over current finances rose 0.7 per cent.
Consumers were also more positive on whether now is a good time to by a major household item.
Ms Masters said there was plenty of economic data due this week to help gauge the health of the economy which would likely influence consumer confidence.
"Tomorrow's GDP (gross domestic product) report will likely shape news flow in the coming days and has the potential to influence consumers confidence," she added.
