Business confidence has eased for the first time in five months but firms remain upbeat about their own prospects.
Sentiment slipped, with a net 16 percent of firms optimistic about the coming year from a six-month high of 20 percent in June, the ANZ Business Outlook survey for July showed.
ANZ chief economist Cameron Bagrie said the construction and services sectors were the pace-setters, with agriculture still lagging behind.
He said the economic outlook was positive with a net 32 percent of firms optimistic about the prospects for their own business - down from 35 percent the month before - and that was still a sign of the economy's underlying strength.
But he warned that a surging housing market, increased borrowing and lower savings were signs consumers wanted to spend their way to growth rather than earn it.