The Reserve Bank of Australia says it seriously considered hiking interest rates at its meeting, before opting to stay the course at 4.35 per cent. Federal Treasurer Jim Chalmers says it's "a welcome outcome" and people are doing it tough enough as is.

He says that the decision recognises the "progress" the Government has made on underlying inflation. It's the RBA board's view that there will be no rate cuts in the next six months.

• Guest: Jim Chalmers, Federal Treasurer