Further interest rises are on the cards with an update from the Reserve Bank of Australia on Friday outlining how it will do what is 'necessary' to reduce inflation.
"High inflation makes life difficult for people and damages the functioning of the economy," the RBA's statement said.
"The Board expects that further increases in interest rates will be needed to ensure that the current period of high inflation is only temporary." The RBA is forecasting inflation will be 6.25 per cent in June and 4.75 per cent in December, before being at the top of its target band of three per cent by June 2025.
"That means addressing inflation is the primary focus of the Albanese Government," Mr Chalmers wrote in an opinion piece.
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