The Phoenix Deep Survey is an ongoing multi-wavelength survey of a 2° diameter field aimed at studying the properties of the sub-mJy and μJy radio population. Here, we present the latest 1.4 GHz observations of this field. The new data, reaching a 5 σ flux level of 45 μJy at the centre of a 50′ diameter field, comprise more than 700 sources with flux densities less than 1 mJy (187 of which have S1.4 < 100 μJy). This provides one of the deepest radio (1.4 GHz) surveys currently available. The 1.4 GHz source counts are presented and show a flattening down to the 50 μJy level. At flux densities around 300 μJy there are indications that the sources detected may exhibit higher clustering than those observed at higher flux levels. This suggests that deep radio surveys could be useful for studies of large-scale structure but it also presents a warning for the representativity of sources in deep pencil-beam radio surveys. The study of the optical counterparts of the μJy population seems to indicate that the median R magnitude starts to decrease below 100 μJy. Spectroscopic classification of a sample of sources in this survey confirms the trend for an increasing fraction of star-forming galaxies over other systems down to ∼ 100 μJy.