Australia news LIVE: RBA set to lift interest rates to highest point since 2008 sparking recession fears; PM warns of increasing dangers to democracies at Commonwealth summit

Today's financial news promises to be a significant day for the Australian economy as the Reserve Bank of Australia's monetary policy board prepares to announce its interest rate decision. The market is widely expecting the cash rate to be lifted to an 18-year high of 4.85%, fueled by senior central bank officials warning that inflation remains too high. This decision could be the fifth hike this year.

In addition to the interest rate announcement, horse racing enthusiasts will have the Melbourne Cup to look forward to, with races taking place at 3pm AEDT. After this, RBA Governor Michele Bullock will provide a media briefing at 3:30pm AEDT to discuss the decision.

Meanwhile, global oil markets have seen considerable movement overnight, with Brent crude futures settling 7.63% lower at $US104.77 a barrel and US West Texas Intermediate crude dropping 7.36% to $US96.46. This decline comes after comments by US President Donald Trump and discussions between Iranian and Qatari officials. Despite concerns over the potential escalation of the Middle East conflict following US midterm elections, Trump reportedly said Iran may be open to a deal to end the war.

Despite these positive developments, analysts remain skeptical, as false dawns have been common in recent months. However, with a significant interest rate decision on the horizon, the market will be closely watching the Reserve Bank's announcement for further guidance on the economic outlook.