In a decision that was widely anticipated, the RBA hiked the interest rate by 0.25 percentage points, taking the cash rate to 4.1 per cent.

It wasn't unanimous — in fact just one vote determined the hike — but it comes as the financial impact of the war in the Middle East hits home. So, what will the double whammy of higher interest rates and global uncertainty mean for Treasurer Jim Chalmer's fifth budget?

Patricia Karvelas and Carrington Clarke break it all down on Politics Now.

Got a burning question?

Got a burning political query? Send a short voice recording to PK and Fran for Question Time at [email protected]You can follow the ABC Business Daily podcast here: https://www.abc.net.au/listen/programs/abc-business-daily