Australian consumer sentiment hits worst level in 53 years, lower than 1974 oil
Consumer sentiment has fallen to its worst level in 53 years of records.
Australians are more pessimistic than they have been in 53 years of records, with the weekly sentiment score falling to 67.9 in the week ending October 25. Readings below 100 mean pessimists outnumber optimists.
The 2026 average of 72 points is the glummest year on record, worse than November 2023 when the RBA had just raised rates 13 times in less than 18 months. Even the 1974 OPEC oil crisis did not dent confidence as much: back then inflation hit 16.7 per cent but sentiment stayed at 95.4 points.
One poll of 1,073 people showed Australians deeply downbeat about 2027 economic conditions, scoring just 58 points. Prime Minister Anthony Albanese is the only PM in more than five decades of records to have only governed during sustained pessimism, never once seeing sentiment rise above the 100-point level.
- 67.9 points
- Current sentiment score
- 72 points
- 2026 yearly average
- 16.7 per cent
- 1974 inflation rate
- 53 years
- Records span
Why it mattersGloomy consumers spend less, save more cautiously, and hold back on big purchases like cars and homes, which slows economic growth and business confidence.
AustraliaAustralia's all-time low consumer mood means households are pulling back spending and investment, likely worsening slowdowns in retail, housing and hiring.
✓ Claims checked against the source. checked 4 h ago
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