Newly returned Prime Minister Malcolm Turnbull has promised to deliver the strong economic leadership needed in the face of an uncertain global economy.
"This is going to be a very constructive parliament ... in the national interest," he told reporters in Canberra on Wednesday.
He says the government has a mandate to deliver the policies it took to the election through working with the crossbenches in the Senate.
But shadow treasurer Chris Bowen said every day since the July 2 election there had been more speculation about a government that was deeply divided over economic policies.
"Focused more (on) introspection and secret coalition deals than growing the economy," Mr Bowen told AAP.
His comments came as new figures showed the dramatic events over the past month unsurprisingly hit confidence.
A long federal election campaign and then a delayed result, coupled with global credit ratings agencies' warnings about Australia's top-tier rating and Britain's shock decision to leave the European Union, have left consumers in a state of unease.
Economists also expect Thursday's jobs figures will show only a modest rise in employment during June and not by enough to stop the jobless rate rising to 5.8 per cent, having held steady at 5.7 per cent for the past three months.
The Westpac-Melbourne Institute consumer sentiment index fell three per cent in July, taking it a shade below the crucial 100-point mark to suggest there are more pessimists than optimists, but only just.
Westpac chief economist Bill Evans thought the decline was "surprisingly modest".
Since the end of the survey period (July 4-7), the prospect of a hung parliament has been avoided with Mr Turnbull claiming a slim majority last Sunday.
"It is reasonable to speculate that had the survey been conducted over the last few days the results would have been more positive," Mr Evans said.
Mr Evans also noted the initial global financial market fall-out over the Brexit decision has calmed down with its implications now concentrating on the UK itself rather than a disastrous contagion for the rest of Europe.
In a separate analysis, National Australia Bank expects the UK will suffer a "shallow" recession around the turn of the year as a result of Brexit.
But the direct implications for the rest of the world economy "aren't large" other than the risk from market disruptions on growth, NAB said.
