Received

Treasurer Jim Chalmers says the NSW government is engaging in "confected outrage" over energy price bill relief.

NSW treasurer Matt Kean has taken a swipe at the Albanese government, saying it should bring forward power bill relief for households and businesses.

Dr Chalmers, who is meeting with state and territory treasurers online on Friday, told AAP it was "a bit unusual" for Mr Kean to demand something from the commonwealth that even he admitted he could not deliver.

"I think people will see through his confected outrage, especially when his own scheme doesn't start until July," Dr Chalmers said.

"I'm not looking for a war of words, I'm looking to work respectfully and productively with the states and territories - Labor and Liberal - to deliver some relief from high energy bills, and that's my focus."

He said federal price caps had already started to have an impact on forecast prices, and the direct energy bill relief to be delivered in the May budget would also help.

The federal government has told the states and territories it would not be in a position to deliver the relief until July due to complexities with implementation.

The NSW government's Energy Bill Saver will be available from July through to end of December.

Deputy Prime Minister Richard Marles said it was "not an easy process to work through".

The online meeting, hosted by Dr Chalmers, comes as the Reserve Bank prepares to release its latest statement on monetary policy.

The Reserve Bank on Tuesday lifted the cash rate by 25 basis points to 3.35 per cent.

The statement will go into more detail about the RBA board's decision to push ahead with the rate rise and flag further hikes in months ahead to tackle rampant inflation.

It will also update key economic forecasts.

Deputy Liberal leader Sussan Ley said the government's plans for more spending, including via the National Reconstruction Fund, would drive up inflation and interest rates.

She was also sceptical about the promised power bill relief.

"I'd like to see Jim Chalmers remember the promise that his government made that life will be cheaper under me, and that matters for Australian households and businesses that are expecting cheaper electricity prices," she told reporters in Canberra.

"We've got no idea when it's coming."

The treasurers' meeting will also include a discussion on women's economic participation led by Finance Minister Katy Gallagher and, for the first time, a local government representative will attend.

The National Housing Accord is an agreement with the private sector, states and territories to build one million new homes over five years from 2024.

© AAP 2023

Electricity and gas prices are expected to increase further in 2023 but will be "dampened" by the federal government's $1.5 billion relief plan.

That is the view of the Reserve Bank of Australia, which in its latest statement on monetary policy forecast higher wholesale energy costs.

"However, over this year and next, increases in wholesale costs are expected to be dampened by the Australian government's Energy Price Relief Plan," the RBA board said.

Treasurer Jim Chalmers seized on the comment as evidence the independent central bank had endorsed the government's plan, which was the subject of talks with state and territory treasurers on Friday.

"We are not surprised but we are very pleased to see that the independent Reserve Bank has said today our energy plan will have exactly the consequences and impact we said it would have," Dr Chalmers told reporters after the online meeting.

"We are acting decisively to take some of the sting out of these high energy prices."

He said the savings - to be detailed in the May federal budget - would not flow until the middle of the year and were still subject to the states and territories agreeing separate plans to provide their share of bill relief.

"We will deliver this relief ... it will make a meaningful difference," he said, adding that state deals could be struck within weeks.

Dr Chalmers said there had been "important progress" on energy costs and housing at the meeting.

The RBA said electricity prices increased by seven per cent in the December quarter due to the unwinding of rebates in Western Australia and the ACT, though rebates in Queensland and Tasmania continued to ease prices.

Gas prices, which were not affected by government rebates, increased by about two per cent in the quarter to be more than 17 per cent higher over the year.

Deputy Liberal leader Sussan Ley said the government's plans for more spending, including via the National Reconstruction Fund, would drive up inflation and interest rates.

She was also sceptical about the promised power bill relief.

"I'd like to see Jim Chalmers remember the promise that his government made that life will be cheaper under me, and that matters for Australian households and businesses that are expecting cheaper electricity prices," she told reporters in Canberra.

"We've got no idea when it's coming."

The treasurers' meeting included a discussion on women's economic participation led by Finance Minister Katy Gallagher and, for the first time, a local government representative attended.

While the RBA's outlook for energy prices appeared positive, NAB analysts said interest rates appeared to be heading to a peak of 4.1 per cent, from the present 3.35 per cent.

They said the RBA statement suggested at least two more rate hikes in March and April and possibly another in May if inflation remained high.

The central bank upgraded its wage price index forecast, expecting it to peak about 4.25 per cent late in the year.

It also adjusted its inflation figure for mid-year from 6.25 per cent to 6.75 per cent.

© AAP 2023

Rising power and gas bills and making housing more affordable will be on the agenda of a meeting of treasurers.

However, the timing of bill relief - promised at the federal election last year - is far from certain.

Deputy Prime Minister Richard Marles said it was "not an easy process to work through".

"But we'll continue to do that because we want to make sure that we can do everything we can to relieve this pressure," he told reporters in Canberra on Friday.

The online meeting, hosted by federal treasurer Jim Chalmers, comes as the Reserve Bank prepares to release its latest statement on monetary policy.

The Reserve Bank on Tuesday lifted the cash rate by 25 basis points to 3.35 per cent.

The statement will go into more detail about the RBA board's decision to push ahead with the rate rise and flag further hikes in months ahead to tackle rampant inflation.

It will also update key economic forecasts.

Dr Chalmers said he looked forward to working on some of the biggest economic challenges facing the nation.

"We'll further our efforts to address housing affordability and supply and discuss the work we will do in coming months to develop a pipeline of new affordable housing projects under the National Housing Accord announced at the budget," he said.

"Negotiations around the rollout of the government's energy price relief plan will continue."

Dr Chalmers said in an opinion article published on Friday the government was seeking to address inflation through energy bill relief, and cheaper medicines and child care, while being careful with overall budget spending.

It was also reforming the economy through fee-free TAFE, a National Reconstruction Fund, and programs to unlock more affordable housing.

Deputy Liberal leader Sussan Ley said the government's plans for more spending, including via the National Reconstruction Fund, would drive up inflation and interest rates.

She was also sceptical about the promised power bill relief.

"I'd like to see Jim Chalmers remember the promise that his government made that life will be cheaper under me, and that matters for Australian households and businesses that are expecting cheaper electricity prices," she told reporters in Canberra.

"We've got no idea when it's coming."

The treasurers' meeting will also include a discussion on women's economic participation led by Finance Minister Katy Gallagher and, for the first time, a local government representative will attend.

The National Housing Accord is an agreement with the private sector, states and territories to build one million new homes over five years from 2024.

© AAP 2023