The RBA has inflicted its ninth straight interest rate rise this afternoon, with the rate now sitting at 3.35 per cent.

In addition, Governor Philip Lowe said the board expects that “further increases in interest rates will be needed over the months ahead to ensure that inflation returns to target and that this period of high inflation is only temporary.”

He added: “Global inflation remains very high. It is, however, moderating in response to lower energy prices, the resolution of supply-chain problems and the tightening of monetary policy. It will be some time, though, before inflation is back to target rates. The outlook for the global economy remains subdued, with below average growth expected this year and next.”

Treasurer Jim Chalmers addressed Question Time moments after the announcement.

“Each of these interest rate rises, which began before the election, have put extra pressure on Australians and have put extra pressure on the Australian economy as well,” he said in parliament.

“And I think we understand in this place, certainly the Australian community understands, that the Reserve Bank makes these decisions independently, and it’s not our job in this place to interfere or to second guess their decision making, or pressure them in any way.

“It’s our job to focus on the broader pressures that are coming at us from around the world, and being felt around the kitchen tables of this country.”