Australia consumer sentiment falls 2.7% as bond yields slip below 5%

Nov 10, 2026 00:03 (4h ago)

Australia’s consumer sentiment index fell 2.7% to 78.2 in November, its lowest level in four years.
The RBA raised its cash rate to 4.85% in a 6–3 decision and removed its tightening bias.
Australia’s 10-year government bond yield fell below 5% as markets assessed an 80% chance of a rate peak.

Australia’s Westpac–Melbourne Institute Consumer Sentiment Index fell 2.7% to 78.2 in November, its third consecutive monthly decline and lowest level in four years, as higher borrowing costs and cost-of-living pressures weighed on households. The survey followed the Reserve Bank of Australia’s 6–3 decision to raise its cash rate to 4.85%, an 18-year high, and remove its tightening bias. Investors subsequently increased demand for government debt, sending Australia’s 10-year bond yield below 5% to its lowest level in nearly three months. Interest rate swaps implied an 80% probability that rates had peaked, with about 30 basis points of easing priced by the end of next year, while weaker business and consumer confidence heightened growth concerns.