The bank has doubled down on its inflation-fighting efforts to keep it from rising too high, too fast, with Governor Philip Lowe saying that high inflation will be too costly, too damaging, and too corrosive.

The NAB's Alan Oster puts the odds of an Australian recession in the next 12 months at 51 per cent, and there are concerns that the Reserve Bank's decision to raise its cash rate to 4.1 per cent or higher could damage the economy.

Unemployment is also rising, and while the Reserve Bank insists that rising interest rates will eventually cause consumer demand to fall and firms to discount their prices, some low-income households may have to endure a period of having to forgo basic items.

Corporate profiteering is causing inflation to soar, and while costs have been trending down for businesses, they have yet to reduce their prices.