Consumer Confidence Falls to Lowest Since May
ANZ-Roy Morgan's weekly index dropped 1.7 points to 66.2 in early November as household finance worries deepened.
Updated on Nov. 2, 2026 in Economic Indicators
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Australian consumer confidence fell 1.7 points to 66.2 in early November, the lowest reading since late May. The decline was driven by weaker views on personal finances, with confidence easing across most states ahead of a widely expected Reserve Bank rate rise.
Why it matters
The reading signals household pessimism heading into a possible interest rate increase, which would add pressure to mortgage holders and family budgets. Sentiment over the next year has also turned more negative, suggesting cautious spending may persist.
The weekly index reading of 66.2 sits 18.3 points below the 84.5 recorded a year earlier and 5.6 points below the 2026 average of 71.8. Measured across weekly survey responses, the figures do not yet show whether the decline will continue beyond the current week.
The players
Reserve Bank of Australia
Australia's central bank, which sets the cash rate and is widely expected to raise interest rates at its Melbourne Cup Day meeting.
ANZ-Roy Morgan
A joint consumer research partnership that publishes the weekly Consumer Confidence index used to gauge Australian household sentiment.
The details
Confidence fell in New South Wales, Queensland, Western Australia and South Australia, while Victoria saw a slight rise that reversed the prior week's movement. Financial sentiment drove the decline, with 56% of Australians saying their family is worse off than a year ago, up 4 points, and 44% expecting to be worse off in a year, up 2 points.
Timeline
October 27 to November 2, 2025: comparison period when the index stood at 84.5
Early November 2026: index falls to 66.2
Melbourne Cup Day 2026: Reserve Bank of Australia meeting widely expected to raise interest rates
Economic Indicators Trend
The 66.2 reading extends the weekly ANZ-Roy Morgan series, which has run 18.3 points below its level a year earlier and is now the lowest since late May. The fall sits against a prospective Reserve Bank rate rise, a pairing that tends to weigh on household spending intentions.
Households already reporting weaker finances may face higher borrowing costs if the Reserve Bank raises rates at its Melbourne Cup Day meeting. Families weighing spending or mortgage decisions should watch the cash rate outcome closely.
The takeaway
Households expecting a tougher year ahead may want to review budgets before the Reserve Bank's Melbourne Cup Day decision, since a rate rise would raise repayments on variable-rate loans. Tracking the weekly index can help gauge whether sentiment is stabilising.
What happens next
The Reserve Bank of Australia meets on Melbourne Cup Day 2026, when a rate decision is widely expected.
Further reading
For more on the forces shaping household sentiment, see Economic Indicators across Australia.
Source note: This article includes information reported by Roy Morgan.
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