The Reserve Bank of Australia is expected to keep interest rates on hold today as the government prepares to deliver the mid-year budget update next week.

Treasurer Jim Chalmers announced yesterday that the government's subsidy for electricity bills will not be extended into the new year, saying it was a "hard" decision made by the cabinet in recognition of "pressure on the budget".

• Guest: Ted O'Brien, Deputy Opposition Leader and Shadow Treasurer
• Producer: Isadora Bogle