The Australian market fell 0.3% to 8,953 on Tuesday, extending losses from the previous session as weakness in the banking and consumer sectors weighed on the index. Commonwealth Bank of Australia fell 1.2%, while National Australia Bank and Westpac Banking Corporation each declined 0.7%, following a 3% rally in the sector last week amid expectations that interest rates will remain elevated for longer. Consumer stocks also contributed to the downturn, with notable declines in Woolworths Group (-1.1%), Coles Group Ltd (-0.8%), and Inghams Group (-0.8%). Conversely, mining giant Rio Tinto rose nearly 1% after announcing a $733 million investment, alongside its Japanese joint venture partners to develop new iron ore deposits in Western Australia's Pilbara region. On the economic front, Australia’s Westpac-Melbourne Institute Consumer Sentiment Index fell 3.5% month-on-month to 92.1 in October 2025, a sharper decline than the 3.1% drop recorded in September and the steepest since April.