The Australian Rugby Union announced the ban on Monday after the utility back failed to appear at two official team functions last week.
O'Connor did not attend either Australia's official World Cup squad announcement on August 18 or their World Cup squad photo at the team hotel earlier the same morning.
The 21-year-old was reported to have been seen in several bars on the previous night by a number of media outlets.
O'Connor apologised on Saturday but his actions have, nevertheless, earned him a one-week ban by the ARU who have also slapped the youngster with a suspended Aus ,000 (£6,328) fine.
"O'Connor did not attend the Wallabies Rugby World Cup squad photo at the team hotel on Thursday morning and was also absent from the official announcement of the 30-man squad at Sydney airport later the same morning," the ARU said in a statement.
"He will also be unavailable for selection in the Barbarians side to take on Canada at Skilled Park on the Gold Coast this Friday night."
Australia and New Zealand are tied on nine points after three matches apiece ahead of Saturday's encounter in Brisbane.
South Africa have completed their fixtures and will finish bottom of the standings on five points.
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