RBA lifts cash rate to 4.85 per cent; David Jones on brink
The RBA has lifted the cash rate to 4.85 per cent, David Jones is on the brink after landlord talks failed, and Queensland has a major oil find.
The Reserve Bank of Australia has raised interest rates for the fifth time this year, lifting the official cash rate to 4.85 per cent.
Governor Michele Bullock warned that the next 12 months will feel like a recession for many Australians.
Separately, David Jones, Australia's oldest department store, is reported to be on the brink of collapse after negotiations with its landlords broke down. No further detail on the talks or the retailer's next steps was available in the source reporting.
In resources news, Queensland is sitting on an oil field that is being compared with some of the most prolific reserves in the United States. Details of the field's size, location and development timeline were not provided.
Video: 7NEWS Australia.
Key questions
- What is the RBA cash rate now?
- The Reserve Bank of Australia has lifted the official cash rate to 4.85 per cent.
- How many rate rises has there been this year?
- The latest increase is the fifth interest rate rise of the year.
- What is happening with David Jones?
- David Jones, Australia's oldest department store, is reported to be on the brink of collapse after talks with landlords broke down.