Ponting, 47, had been commentating for Channel 7 during the third morning but is understood to have sought medical attention at the lunch interval at Optus Stadium.
Reports locally suggest the batting great was accompanied to a car by his old team-mate, and former Australia head coach, Justin Langer.
It is currently unclear whether Ponting will be back on air over the weekend, but reports indicate that he underwent tests on a precautionary basis rather than as an emergency.
A spokesperson for Channel 7 offered a brief statement, saying: "Ricky Ponting became unwell and missed the remainder of the day's coverage."
Health issues among former players are a particularly serious issue in Australian cricket, following the shock deaths of Shane Warne and Dean Jones from heart complications.
Another former Australia cricketer, new Durham coach Ryan Campbell, also survived a cardiac arrest earlier this year.