The RBA has made one of its most controversial calls in recent years - and this rate rise may not age well

The fact the board’s vote was split suggests that the decision was as controversial inside the board room as it will be on the streets, although RBA governor Michele Bullock played down any internal division. Photograph: Dan Himbrechts/AAP

The Reserve Bank has made some controversial calls over recent years, but hiking interest rates in the middle of a historic global energy shock is right up there.

If this Middle East conflict lasts for months, not weeks, and drags the world and our economy down, then Tuesday’s decision to increase households’ borrowing costs will not age well.