We present a source catalogue and first results from a deep, blind radio survey carried out at 20 GHz with the Australia Telescope Compact Array, with follow-up observations at 5.5, 9 and 18 GHz. The Australia Telescope 20 GHz (AT20G) deep pilot survey covers a total area of 5 deg 2 in the Chandra Deep Field South and in Stripe 82 of the Sloan Digital Sky Survey. We estimate the survey to be 90% complete above 2.5 mJy. Of the 85 sources detected, 55% have steep spectra (α 20 1.4 < â0.5) and 45% have flat or inverted spectra (α 20 1.4 â0.5). The steep-spectrum sources tend to have single power-law spectra between 1.4 and 18 GHz, while the spectral indices of the flat-or inverted-spectrum sources tend to steepen with frequency. Among the 18 inverted-spectrum (α 20 1.4 0.0) sources, 10 have clearly defined peaks in their spectra with α 5.51.4 > 0.15 and α 18 9 < â0.15. On a 3-yr timescale, at least 10 sources varied by more than 15% at 20 GHz, showing that variability is still common at the low flux densities probed by the AT20G-deep pilot survey.We find a strong and puzzling shift in the typical spectral index of the 15-20-GHz source population when combining data from the AT20G, Ninth Cambridge and Tenth Cambridge surveys: there is a shift towards a steeper-spectrum population when going from ⌠1 Jy to ⌠5 mJy, which is followed by a shift back towards a flatter-spectrum population below ⌠5 mJy. The 5-GHz source-count model by Jackson & Wall (1999), which only includes contributions from FRI and FRII sources, and star-forming galaxies, does not reproduce the observed flattening of the flat-spectrum counts below ⌠5 mJy. It is therefore possible that another population of sources is contributing to this effect.