Did Anthony Albanese just cement a third interest rate hike in May by cutting the fuel excise?

Injecting $1.5bn via petrol subsidies into an inflated economy may change things for the Reserve Bank board at its next meeting

• Follow our Australia news live blog for latest updates

• Get our breaking news email, free app or daily news podcast

Economists will say that what millions of motorists gain in cheaper fuel through the prime minister’s three-month fuel excise cut, they will lose in more expensive mortgages.

It may be good politics, but injecting $1.5bn via petrol subsidies into an economy that is already struggling with a resurgent inflationary problem is not going to make the Reserve Bank of Australia’s job any easier.