ANZ-Roy Morgan Consumer Confidence has reported a 0.2 per cent drop to 113.0 this week.
It's also a -0.4 per cent decline from last year's findings, with a range of factors triggering the fall, including views on economic outlook for the next year (down 5.4 per cent) and views on economic conditions in the next five years (down 2.6 per cent).
In addition, the equity market has fallen around 7 per cent from last year.
ANZ chief economist Warren Hogan said the company will be keeping track of how consumers react global financial problems.
“ANZ-Roy Morgan Australian Consumer Confidence appears to be consolidating around its long run average, however the latest reading was taken last weekend, before the most recent bout of market volatility.
“We will be watching consumer confidence closely to gauge the impact of global financial problems and the related equity market weakness on Australian consumers.
“Australia’s equity markets have fallen by more than 15 per cent since the peak recorded in March, with more than half that decline happening in August.”
Hogan also said that confusion in the market could equal a negative impact on consumer spending in the future.
"Consumer confidence readings around the long-run average level mask divergent trends in the underlying subcomponents. This reflects the fact that consumers are facing mixed signals.
“On the one hand, the property market remains buoyant and employment has been stronger than expected.
“On the other hand, the recent fall in equity markets and emerging concerns about growth in China and its impact on Australia are weighing on sentiment.
"With global equity markets still under pressure this week, and patchy growth in Australia, confidence and consumer spending appear to be vulnerable to further bad news.”