Business news

David Jones could enter administration within about a day as its three-person board prepares to meet. Westfield owner Scentre Group says the chain has paid no rent since September and rejected a rescue offer that would have kept it trading. Private equity firm Anchorage Capital Partners bought the business from Woolworths Holdings in 2022. It runs 43 stores across Australia and New Zealand.

Consumer group Choice has handed its annual Shonky Awards to seven companies. Ticketek and Ticketmaster were called out for dynamic pricing, Virgin Australia for keeping $75 million in expired Covid-era flight credits, and Sony for digital-only PlayStation licences. A Hisense washer-dryer sold as super efficient takes 25 hours on eco settings. Petcover and a pricey protein chip also made the list.

The Reserve Bank raised the cash rate by 0.25 percentage points to 4.85% on Melbourne Cup Day, its fifth increase of 2026. The board split six votes to three, with three members preferring to hold at 4.60%. Governor Michele Bullock pointed to stubborn inflation, the Middle East conflict and rising oil prices, and left the door open to further hikes.