Labor has accused the prime minister of taking credit for good economic news and not taking responsibility for the bad.
Opposition Leader Anthony Albanese acknowledged if elected he would have to preside over rising rates.
But the difference was Labor planned to help ease living pressures elsewhere including with childcare and electricity costs while the Liberal-National coalition did nothing to address stagnant wages or reduce cost of living.
"It's not bad luck, it's bad policy to have low wage growth," Mr Albanese told reporters in Melbourne on Tuesday.
"Government needs to try to lend a hand where it can, (Labor is) putting forward practical measures."
The Reserve Bank is widely expected to lift the cash rate at its board meeting on Tuesday for the first time in almost 12 years.
The last time it lifted rates during an election campaign was in 2007 when John Howard's coalition government was defeated.
Prime Minister Scott Morrison argues it would be wrong to look at any rate rise through a "political lens".
He said the economic situation was different to 2007 as Australia was recovering from the pandemic, multiple natural disasters and the impacts of overseas conflict.
"Australians know the pressures that we're facing here in Australia are real and they are overwhelmingly being determined by things beyond Australia," he told reporters in Melbourne on Tuesday.
He said Labor would put upward pressure on interest rates by its over-spending of taxpayers' money.
But Mr Albanese said it was "extraordinary" for the prime minister to claim rising inflation and interest rates had nothing to do with politics.
"Everything that this guy does is political from day to day. It's never about the national interest," he said.
Shadow treasurer Jim Chalmers said no Australian would be surprised if interest rates went up from their emergency levels, as the RBA had made this clear.
"The prime minister wants to pretend that he has absolutely nothing to do with it," he told the Seven Network on Tuesday.
"If something good happens in the economy the prime minister takes credit. If something difficult happens in the economy he takes none of the responsibility, and I think Australians are tired of that."
Assistant Treasurer Michael Sukkar said it was "a fact, not opinion" that interest rates had been lower under the coalition.
Financial markets have priced in a 0.15 percentage point rise in the cash rate to 0.25 per cent on Tuesday, ahead of more expected increases of 0.25 percentage points in subsequent months.
But some economists think the RBA may not act until next month.
Mr Morrison rejected suggestions his campaign merely comprised a series of "silly" photo opportunities.
"What I enjoy doing is standing there with an apprentice who shows me what they're learning, and then I'd have a go at it," he told 3AW on Tuesday.
"I'm trying to understand what they're learning, and I'm really proud of what they're doing because you're getting a trade in this country, you're setting yourselves up for a strong future."
The prime minister is campaigning in the outer-Melbourne seat of Dunkley on Tuesday, while Labor leader Anthony Albanese is campaigning on the NSW central coast.
Labor has a clear lead in published opinion polls ahead of the May 21 election.
© AAP 2022