David Bassanese, chief economist at Betashares, described the inflation figure as a 'shocker', adding, 'The result places enormous pressure on the Reserve Bank to raise interest rates in August.' Meanwhile, Steve Mickenbecker of Canstar stated that the inflation rise was 'staggering', predicting the RBA would likely raise rates at its August meeting due to the high risk of entrenched inflation expectations. Minister, do you accept that the likelihood of another interest rate hike has increased?