Albanese looks for reset on world stage as ‘spot fires burn’ domestically and likely interest rate hike looms

The prime minister will speak with King Charles and others at the Commonwealth heads of government meeting in Antigua and Barbuda

As “summit season” begins, reaffirming ties with fellow leaders on the world stage could be a circuit breaker for Anthony Albanese amid domestic and economic woes, analysts have said.

But a likely interest rate hike triggered by higher-than-expected inflation while the prime minister is overseas will make his job – and the treasurer’s – even harder.

Albanese is attending the Commonwealth heads of government meeting (Chogm) in Antigua and Barbuda from Saturday.

He will hold talks with King Charles III and allies including the UK and Canadian prime ministers, Andy Burnham and Mark Carney, at the biennial meeting.