Confidence jarred by Greece, China

Treasurer Joe Hockey believes events in Greece and China will have minimal impact on the economy and is sticking with his budget forecasts.

However, the prolonged Greek debt crisis and volatility on Chinese stock exchanges have had a severe impact on consumer confidence, raising concerns about the outlook for retail spending.

The weekly ANZ-Roy Morgan confidence gauge has tumbled eight per cent in the past fortnight to its lowest level in a year.

On Wednesday, the Westpac-Melbourne Institute monthly consumer confidence survey will be released.

Last month's report for June slumped 6.9 per cent, wiping out the 6.4 per cent rise that followed shortly after the May budget.