The Reserve Bank of Australia has lifted the official cash rate by 50 basis points as it seeks to return inflation to within its target band of two to three per cent from its current level of six.
Opposition Treasury spokesman Angus Taylor says waiting until the October budget for an economic proposal is too late and there is frustration with the government's approach.
This is the fourth consecutive rise by Australia's Reserve Bank this year, and the third 50 basis point rise in a row.
This takes the official cash rate 1.85 per cent.
Only four months ago, it was at a record low of 0.1 per cent.
The RBA says consecutive rate hikes are needed to tackle soaring inflation, which currently sits at a 21-year high of 6.1 per cent.
Bringing inflation down won't happen overnight, and the R-B-A has conceded the cash rate will continue to rise until it does.
Some consumers are already making changes.
New data from the Australian Bureau of Statistics has revealed owner occupiers have been refinancing their loans and changing to banks with better deals as rates increase.
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