That’s a wrap for Need to Know this Tuesday, May 2.

Here’s a recap of some of the biggest stories of the day so far:

RBA delivers shock interest rate increase with more to come: The Reserve Bank raised interest rates to 3.85 per cent, stunning economists and markets, and flagging further increases may be needed.

Tax whack to push cigarettes to nearly $50 a pack: Labor wants daily smoking rates in Australia to fall below 10 per cent by 2025, and to 5 per cent or less by 2030.

Medibank Private boss says cyber costs could swell to $45m: David Koczkar said total management expenses could top out around $560 million, and is targeting $30 million in savings over the next two financial years.

Labor’s tax take to hit 15-year high: The federal government’s tax take is poised to hit its highest level since 2008 thanks to soaring resource profits and bracket creep delivering more income tax.