The monthly ANZ Roy Morgan Consumer Confidence survey has slipped 2 points to 122 in March.
It confirms an earlier survey by Westpac McDermott Miller and mirrors households' concerns about rising interest rates, petrol prices and unemployment.
Despite the fall, the index is still higher than it was a year ago when equity markets had tumbled and global economic activity had fallen away.
The survey shows households are positive about their own prospects over the next year, with a net 33% expecting an improvement, down from the 40% hoping for better times ahead back in February.
While confidence is high, ANZ New Zealand says uncertainty about upcoming tax changes and wariness about the state of the labour market continues to curb retail spending.