Daniel James

Last week, the US Federal Reserve and the Bank of England both held rates.

Canada, Japan and the European Union were also going for a more of a wait and see approach.

they're feeling the global oil crunch too.

So why are we different?

What's the danger here to Australians and to the economy if the RBA goes too hard?

So what impact will this decision have on next week's budget?

It's a very difficult time for our Treasury, Jim Chalmers.

Does this make his job even more difficult?

Finally, is this it now or can we expect to see more hikes given the instability of the Iran situation, the long rebound time that is expected even when the war and the oil shock does come to an end?

Is this it or can we expect more?

What a time to be alive.

Richard Dennis, thank you for your time.

Thank you.

Also in the news, Pauline Hanson says she may step down from the Senate and run for the House of Representatives at the next election.

It comes after reports of infighting inside One Nation, after the party's candidate for this weekend's Farah by-election was revealed to have sought Labor pre-selection in the recent past.

and the PM has left the door open for a one-off tax break for workers in next week's budget.

It's been reported that the government is working on a tax cut of between $200 and $300 for every Australian that pays tax.

Anthony Albanese wouldn't rule out the move at a press conference yesterday, but said we'd have to wait until budget night to find out.

I'm Daniel James.

Thanks so much for listening to 7am.