Australian households are still under siege from high rents, insurance and petrol as the federal treasurer warns those pressures are likely to show up in the upcoming quarterly inflation numbers.

Treasurer Jim Chalmers says there are both domestic and international factors in play.

“The oil price is up about 10 per cent since this time last year,” he told ABC radio on Monday.

“Global freight costs have more than tripled since November and so that is a reminder of some of these pressures on inflation,” he added.

Lingering price pressures threaten to throw the Reserve Bank of Australia’s inflation fight off course, with economists warning interest rates may need to stay higher for longer and the chance of a another hike has increased.

June quarter inflation statistics, due later this month, will be the most important release for the central bank heading into the next interest rate meeting in August.

Dr Chalmers says the government will consider if “more can and should be done” to help households with the cost-of-living in future budgets.

For now, the focus is on tax relief and energy bill subsidies.

“Around nine million Australians have already got their tax cut and another two million will get theirs in the next fortnight including about 750,000 Australians who will get their tax cut today,” he said.

The long-awaited stage three tax cuts kicked in on July 1, providing the average taxpayer with a benefit of $1888 a year, or $36 a week.

Households are also in line for electricity bill rebates worth $300, which will be paid out in quarterly instalments over the next 12 months. 

By Poppy Johnston in Canberra