Live: Reserve Bank tipped to hike interest rates to 18-year high

The Reserve Bank's interest rate setting board is today widely expected to lift the cash rate to an 18-year high of 4.85 per cent.

It follows senior central bank officials warning inflation was still too high, which fuelled the expectations of a fifth hike this year.

Follow the day's financial news and insights from our specialist business reporters on our live blog.

Disclaimer: this blog is not intended as investment advice.

There's been a big move in oil markets overnight, reportedly on comments by US President Donald Trump and on talks between Iranian and Qatari officials.

Brent crude futures settled $US8.66, or 7.63%, lower to $US104.77 a barrel. US West Texas Intermediate crude was down $US7.66, or 7.36%, at $US96.46.

Brent had ended October at its highest level in six months on concerns that the Middle East conflict could escalate again after Tuesday's US midterm elections.

Yet Mr Trump on Monday said that Iran wants to make a deal to end the war and that such an agreement "could happen."

On Monday evening, Qatari mediators traveled to Tehran for talks with Iran's Foreign Minister on a potential US-Iran deal.

While these signs of progress pushed oil prices lower, one analyst Pavel Molchanov told Reuters that skepticism is warranted after many "false dawns” in recent months.

Good morning, Emilia here to start off our live business and economics blog on what's expected to be a big day of news.

The Reserve Bank of Australia's monetary policy board will deliver its interest rate decision at 2:30pm AEDT.

Expectations are for the cash rate to be raised for a fifth time this year, taking it to 4.85%. That would be its highest setting in 18 years.

Just half an hour later, jockeys on horses will leap out of the gates for the 166th Melbourne Cup at 3pm AEDT.

Half an hour after that, RBA governor Michele Bullock will front the media about the rates decision at 3:30pm AEDT.

As always, we appreciate your comments. How are you feeling about today's rates decision?