Stress over cost of living concerns has eased for the first time in nearly two years, NAB data shows.

The NAB Consumer Sentiment third-quarter survey of about 2,000 Australians found that cost of living stress, which is by far the biggest cause of concern, eased after rising for the past seven quarterly surveys.

It said although consumers were still feeling stretched, "many are growing more accustomed to these pressures".

"Australians feel better placed to respond quickly if price pressures shift," NAB said.

"Eight in 10 Australians believe their costs rose for groceries, household bills, transport, eating out and travel over the last three months but fewer expect prices will continue to rise as much."

"Australians are managing the cost of living and adapting to shifting price pressures by flexing their newly built 'budgeting muscle'."

Fewer people now expect prices will continue to rise as much over the next three and 12 months than they did mid-year.

As petrol prices nudged record highs, nearly one in two (45 per cent) of Australians said they had cut back on car journeys to save on fuel.

Australians are saving about $300 each month by cutting back on eating out at restaurants (55 per cent), micro treats like coffees and lunches out (50 per cent), tickets to the movies (47 per cent) and saving on car trips.

"Australians continue to reprioritise spending according to what they value personally," NAB's personal banking group executive Rachel Slade said.

"Many Aussies adjusted budgets to cheer on the Matildas in the stadium or treat themselves to a trip away for the school holidays – even if it meant they had to scale back their original plans."