It would appear the burst of confidence that followed Joe Hockey's second budget was more relief than applause.
Two consumer confidence readings released on Wednesday show the upbeat response to the treasurer's May budget was fleeting as concerns over unemployment, slow wage growth and house prices returned to the forefront.
Prime Minister Tony Abbott downplayed the two reports from ANZ and Westpac, saying Tuesday's business survey from rival National Australia Bank was the most significant piece of data recently released.
"This shows that business confidence is strong and getting stronger," he told reporters in western Sydney.
"And if you've got more confidence you'll have more jobs, you'll have more prosperity."
The NAB survey did show confidence jumping to a nine month high in May in an initial response to the budget.
However, the two consumer confidence readings are more up to date.
The weekly ANZ gauge fell by 1.2 per cent in a further retraction from its post-budget bounce.
ANZ chief economist Warren Hogan described the result as disappointing because confidence needs to be sustained to feed into household spending, which is already being constrained by soft wages growth.
A more stunning 6.9 per cent slump was recorded in the monthly Westpac-Melbourne Institute consumer sentiment index in June, more than wiping out the 6.4 per cent rise in May in response to the budget and the Reserve Bank's interest rate cut.
Westpac senior economist Matthew Hassan described the result as "surprisingly weak" after the relief of an interest rate cut and a budget that was less "damaging" than many feared.
"With these factors now behind us, sentiment has reverted to a level more reflective of broader concerns about the outlook for the Australian economy," he said.
This includes concerns about falls on the share market, soft conditions in the labour market, and the outlook for house prices.
RBA governor Glenn Stevens has offered some soothing news to borrowers that he has no plans to lift interest rates from their record lows any time soon.
"I think it's quite some time before we even think about interest rates going up," he told the Economic Society of Australia.
Indeed, the bank remains open to the possibility of further policy easing if that is beneficial for sustainable growth.
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