The game finished 0-0 with the Saints centre-forward failing to beat Schmeichel one-on-one after trying to chip him.
When quizzed on Austin’s miss, Puel admitted he was annoyed at his striker’s decision.
He said: “He takes a bad decision,” before playing down the criticism by adding that it is easy to say from the bench.
After struggling to break into the side last term following a £4m move from QPR in January, Austin has been in good form for Southampton this season and had scored five goals in four appearances before Sunday’s game.
He also managed 18 goals for Rangers during his debut top-flight season, but the 27-year-old was unable to get on the scoresheet at the King Power Stadium.
After a poor start to the season, Southampton are now tenth in the league and haven’t conceded in six games in all competitions.