Somehow, according to the logic of the major economists, including those who work for the Reserve Bank, we may need to put up interest rates again to quell key inflationary pressures like residential rents and petrol prices.

As most of you will know, the Reserve Bank is obsessed with bringing down the rate of inflation.

And they’ve searched through their list of policies and possibilities – and come up with the brilliant concept that, if you increase the interest rates of one third of Australian households – the ones that have mortgages – somehow inflation will miraculously come down.

So, Plan A is to put up interest rates.