Philip Lowe says interest rate rises painful but for the best, predicting more to come

Inflation is dangerous, corrosive and hurts people, RBA governor tells Senate estimates

• Follow our Australia news live blog for the latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

The Reserve Bank governor, Philip Lowe, says he has heard about the personal pain caused by soaring interest rates with a very heavy heart" - but tackling dangerous" inflation was critical even if the moves were unpopular.

Lowe, making his first public appearance for 2023 before Senate estimates on Wednesday, reiterated the challenges of achieving a fairly soft landing" for the economy with unemployment rising only to 4.5% during next year.