The resources minister, Madeleine King, has taken the first step in reining in the big three LNG exporters by ‘triggering the trigger’

• Australia’s high gas prices could be here to stay if threats don’t turn into action
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Labor unlikely to extend the fuel excise cut

Asked about the fuel excise in that same interview, Jim Chalmers said:

I’ve been really upfront with people, Charles, for some time now – before the election, during the election and after the election – and pointed out that extending that would cost some billions of dollars and the budget can’t afford that. We’ve inherited a budget which is absolutely heaving with a trillion dollars in Liberal party debt. And when interest rates are rising, it actually costs more and more to service that debt.

The fastest-growing area of government spending in the budget is actually servicing the debt that we’ve inherited because, as interest rates rise, it becomes more expensive to pay that back. So every dollar borrowed, whether it’s by our predecessors or by the new government costs more to pay back and we need to be conscious about that. We need to be responsible about that and upfront about that. And that’s what we’re being.

This isn’t about any one individual. This is about a difficult day for Australians with a mortgage, another difficult day I think everybody is bracing for the interest rate rise that the governor and the Reserve Bank board has flagged.

These decisions are taken independently by the Reserve Bank, by its board and by its governor. People are expecting this outcome today. But it won’t make it any easier.