Worries about cost of living pressures are overshadowing a positive response to this year's May budget.
National Australia Bank's consumer anxiety index rose 1.7 points to 63.5 points in the June quarter, with anxiety up in all categories except government policy.
NAB chief economist Alan Oster said concerns about job security, health and spending power are likely to be a drag on spending in the coming months.
"Cost of living pressures are now causing the greatest stress for Australian consumers, but anxiety has increased most in relation to job security where stress levels are at their highest since early 2013."
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