We know that the shadow Treasurer was expecting a rate rise today, because he's come in unprepared and had to read out yesterday's question! You could see him rifling through his folder looking in vain for something relevant to say.

When it comes to fixed rate mortgages, this is a substantial part of the pressure that a lot of Australians are feeling as a consequence of interest rates which started rising on their watch. The first interest rate rise in this cycle, which has put a lot of pressure on people, happened in May 2022 when they were in government.