Business Now with Ross Greenwood

US midterm counting continues, with Democrats on course to take control of Congress as markets remain calm. David Jones faces fresh uncertainty over its future. Plus, Canva cuts more than 1,200 jobs as AI challenges its business.

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The Reserve Bank lifts rates for the fifth time this year to an 18-year high, warning of more hikes if inflation persists. Michele Bullock, Jim Chalmers and Angus Taylor respond. Plus, the mounting impact on households and businesses.

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The government's tax changes hammer household wealth, Westpac makes $7 billion in the past year but warns home prices will fall 11 per cent peak to trough. Plus, tomorrow's expected fifth interest rate rise this year.

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Coles suffers its worst day on the ASX as recession fears grow, Larvotto Resources reopens a mothballed gold mine. Plus, a North Queensland banana grower warns of biosecurity threats.

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Warning signs about our economy emerge from some of Australia's biggest retailers, Australians brace for their fifth rate rise this year. Plus, two former Tesla engineers seek solutions to make space launches cheaper and more reliable.

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A rate rise next Tuesday looks almost certain as inflation beats forecasts, New Zealand holds rates in a split vote. Plus, Australia’s Inspector-General in Bankruptcy calls for laws to make exiting a business easier.

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The $2 trillion Anthropic share market float kicks off, the Aussie mining industry's biggest even IMARC started today. Plus, the tax office is being more aggressive as they pursue small and medium sized businesses.

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The looming shortage of diesel fuel around the world could be the next economic challenge for inflation and interest rates, this week's rate is expected to rise to 4.2 per cent. Plus, the number of homes selling at auction is still chronically low.

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US tech stocks tumble over AI spending fears, dragging Australia’s share market to a three-month low. BiFox seeks capital to expand in South America. Plus, RBA officials fuel speculation of a Melbourne Cup Day rate hike.

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BHP warns Australia’s tax settings and weak productivity threaten its competitiveness, while Tesla and Meta beat earnings expectations. Plus, the National Reconstruction Fund chief joins the program to discuss its investment in Austal.

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