He says that Australians have been expecting and preparing for it "for some time" now, though acknowledging that such a decision will be hard for some.

He is mainly trying to play down the decision as the RBA sort of went against the norm to hike rates during election month. The last time this happened was back in 2007 and then prime minister, John Howard, went on to lose both the vote and his seat in the election.

As a reminder, the federal election in Australia will take place on 21 May - just under three weeks' time.