Reserve Bank governor Michele Bullock has ruled out another pre-election interest rate cut giving Anthony Albanese just days to decide whether to call a snap election to capitalise on Tuesday’s decision or delay and woo voters with more cost-of-living assistance.

In the first interest rate cut for more than four years, the RBA lowered the cash rate from 4.35 per cent to 4.1 per cent, causing Treasurer Jim Chalmers to proclaim the worst of the inflation crisis was over. After receiving calls from the treasurer, the chief executives of the big four banks agreed to pass on the cut in full to borrowers immediately.