07.10.202501:00:43UTC+00Australian Shares Extend Decline

The Australian market experienced a downturn of 0.3% on Tuesday, settling at 8,953, as losses persisted from the previous session. This decline was primarily driven by weaknesses in the banking and consumer sectors. Notably, Commonwealth Bank of Australia saw a drop of 1.2%, while both National Australia Bank and Westpac Banking Corporation each fell by 0.7%. This comes on the heels of a 3% sector rally last week, spurred by expectations of sustained higher interest rates. The consumer sector also faced challenges, with Woolworths Group decreasing by 1.1%, followed by Coles Group Ltd and Inghams Group, both of which fell by 0.8%.

In contrast, Rio Tinto, a leading mining company, experienced an uptick of nearly 1% following its announcement of a $733 million investment. This investment, in collaboration with its Japanese joint venture partners, aims to develop new iron ore deposits in the Pilbara region of Western Australia.

On the economic side, the Westpac-Melbourne Institute Consumer Sentiment Index in Australia registered a 3.5% decline month-on-month to 92.1 in October 2025. This marks a sharper decrease than the 3.1% drop observed in September and is the most significant drop since April.