They arrived on the retail scene with promises to cart away customer queues, reduce inconvenient price checks over the store’s public address system and eliminate the need for checkout chitter-chatter.

Half an hour before this year’s Melbourne Cup, retailers will be anxiously awaiting a call on interest rates.

Australian venture capital firm Flying Fox is shifting its focus to decidedly ‘boring’ startups, as investors react to the ongoing tech downturn.

The Reserve Bank faces a dilemma as it is set to make its decision on whether to raise interest rates this Melbourne Cup Day, says Sky News Business Editor Ross Greenwood.

“On one hand, there’s clear evidence inflation is rising faster than it had forecast,” said Mr Greenwood.

“Rising retail sales and home prices only add to the anecdotal evidence the economy is not cooling as quickly as it had thought.

“It prompted most economists and the International Monetary Fund to urge the Reserve Bank to raise rates in response.”

Mr Greenwood was joined by Treasurer Jim Chalmers to discuss the implications of the RBA’s decision.

The idea of transforming an apartment into retail space is common in Paris, Hong Kong and Singapore, which are well known for their vertical-style of retailing in apartment buildings. But doing it in Melbourne is relatively new.

The recession of the 1990s was followed by innovation and new business activity in the Melbourne CBD. Small bars opened, laneways were activated, and inner-city living took off. We are seeing something similar happening now.

A shortage of space in the fast-growing luxury, top end of Collins Street has pushed new international retail brands into Russell Street. Flinders Lane and Exhibition Street are next.