A measure of Australian consumer confidence took a spill in January as respondents turned gloomy on the economy and their own finances at the start of the new year.

The Australian cricket team's Test series loss to India also may have played a role in denting confidence, according to Westpac. Credit:

Wednesday's survey showed the Melbourne Institute and Westpac Bank index of consumer sentiment slid 4.7 per cent in January, from February when it rose 0.1 per cent. That was the sharpest monthly decline in over three years.

The index, compiled from a survey of 1,200 people, was down 5.3 per cent from a year earlier at 99.6, meaning pessimists now slightly outnumbered optimists.

"The 'cautiously optimistic' consumer mood that prevailed through 2018 has evaporated with sentiment beginning thenew year with a slightly pessimistic view."said Westpac senior economist Matthew Hassan.