Meanwhile Penny Wong says China has agreed to facilitate exports of jet fuel to ease supply disruptions. Follow today’s news live

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Chalmers understands calls for gas export tax, but says government focused on getting fuel for Australians

Chalmers said he understands calls to tax gas exports, but maintained the government was set on securing international supply arrangements during the ongoing fuel crisis. He told ABC News:

I understand that there is a constituency in the Australian community to go further … But there are also, as the prime minister said, really good reasons to prioritise these international supply arrangements particularly during this oil shock.

All of us have been prioritising getting fuel for Australia and for Australians to keep the economy ticking over and that’s why there are good reasons for the comments that the prime minister made yesterday.

We’ve been very upfront with people and said when we think about the intergenerational unfairness in the budget, in our economy, in our society more broadly, a couple of the drivers of that are in housing, are in the tax system.

Financial markets are betting the Reserve Bank will hike interest rates for a third straight meeting next Tuesday

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Inflation jumped to 4.6% in the year to March, from 3.7% the month before, in what the treasurer, Jim Chalmers, warned was the start of an Iran war-linked fuel shock that will ripple through the economy over coming months.

With consumer prices now growing at their fastest pace in two-and-a-half years, financial markets are betting the Reserve Bank will hike interest rates for a third straight meeting next Tuesday as officials struggle to manage the nightmare scenario of containing inflation even as growth is expected to slow sharply.