McDonald's has lifted the price of its McSmart Meal to $7.95 following a year-long price freeze, reflecting broader inflationary pressures across Australia's retail and hospitality sectors.

The S&P/ASX 200 index dropped to a six-week low as investors weighed rising global interest rate expectations, oil supply volatility, and warnings of prolonged housing price declines.

The S&P/ASX 200 snapped a six-session slide, rising 19.8 points as a U.S. Treasury debt buyback initiative sent bond yields lower and boosted gold miners.

The Australian sharemarket advanced on Tuesday as investors braced for a pivotal Reserve Bank monetary policy decision and weighed mixed corporate earnings.

Australian equities face a lower open following a sharp slip in crude oil prices and a tech sell-off that stripped Nvidia of its top market cap ranking.