Consumers tested by unsettling news run

New figures will give a broad monthly look on how consumers held up during four weeks of unsettling news events.

The Westpac-Melbourne Institute consumer sentiment index for July on Wednesday will take into account reaction to the fallout that struck financial markets after Britain unexpectedly voted to leave the European Union - a separation that has years to run.

It will also gauge the response to the eventual resolution to a lengthy federal election campaign.

After a week of hanging in the balance as votes were counted, it resulted in the Turnbull government being returned by a tiny majority and larger crossbench in the Senate.

Then there are the global rating agencies warning Australia of the potential threat to its triple-A rating should the make-up of the new parliament result in disagreement on much-needed budget reforms.

However, the Reserve Bank offered some soothing comments on that score on Tuesday, suggesting a a ratings downgrade would not cause much of a shock.

Head of the RBA's financial stability department, Luci Ellis, says countries that had been downgraded from a similar level generally hadn't experienced any significant shock to their financial systems.

The weekly ANZ-Roy Morgan confidence survey released on Tuesday fell for a third week in a row.

Consumer confidence is a pointer to future household spending.