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Australian borrowers have been hit with a ninth cash rate rise in a row, putting more pressure on squeezed mortgage holders as the Reserve Bank tries to stem inflation.

The RBA lifted the official cash rate 25 basis points to 3.35 per cent and the bank's board said it expected further increases in interest rates would be needed in the months ahead to return inflation to its target.

Inflation is sitting at 7.8 per cent - the highest it has been since 1990 - and the central bank is aiming to get it back to a band of two to three per cent.

"High inflation makes life difficult for people and damages the functioning of the economy," the RBA said in its statement on Tuesday.

"And if high inflation were to become entrenched in people's expectations, it would be very costly to reduce later.

"The board is seeking to return inflation to the two to three per cent range while keeping the economy on an even keel, but the path to achieving a soft landing remains a narrow one."

RateCity says the rise will mean an extra $908 a month in repayments for the average borrower with a $500,000 loan since the RBA's rate hikes began in May.

For a $750,000 loan, the latest rate increase will mean an extra $114 a month or $1362 since the start of the cycles of rises.

The cash rate stands at its highest level since September 2012.

Treasurer Jim Chalmers acknowledged the rate rises that began in May - before the last federal election - had put extra pressure on Australians and the economy.

"It's our job to focus on the broader pressures that are coming at us from around the world and being felt around the kitchen tables of this country," he told parliament.

The government planned to deliver cost-of-living relief that did not add to inflation, deal with supply chain issues and show budget spending restraint, Dr Chalmers said.

"There is growing evidence that inflation is expected to have peaked in our economy, and is now beginning to moderate," he said.

The RBA said global inflation remained very high but was moderating in response to lower energy prices, the resolution of supply chain problems and the tightening of monetary policy.

"It will be some time, though, before inflation is back to target rates," it said.

"(Domestic) inflation is expected to decline this year due to both global factors and slower growth in domestic demand.

"The central forecast is for CPI inflation to decline to 4.75 per cent this year and to around three per cent by mid-2025."

On unemployment, the RBA said the jobless rate should increase to 3.75 per cent by the end of this year and 4.5 per cent by mid-2025.

A further pick-up in wages growth is expected due to the tight labour market and higher inflation.

Finsure chief executive Simon Bednar said the Reserve Bank needed to tread carefully to ensure the economy did not "tip over the edge".

"At some point the RBA will need to keep their powder dry and sit back and assess the impact of the rate increases," he said.

"Conversely, if they do go harder with the increments, it could force an earlier retreat on rates."

© AAP 2023

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Retiring white-ball great Aaron Finch says Australia's could pick a current outsider as his T20 captaincy successor.

Finch says Travis Head or Ashton Turner could take charge of the T20 team after he retired from the shortest format on Tuesday.

Adelaide Strikers captain Head and Perth Scorchers skipper Turner weren't in Australia's squad for last year's T20 World Cup.

But Finch nominates both, who have led their franchises to BBL titles, as his potential replacement while also rating Steve Smith chance.

Finch doubts Test and one-day skipper Pat Cummins will want the job.

"There's plenty of guys who can do it," Finch told reporters.

"Obviously Steve Smith has done it before and done a great job, Pat Cummins, I doubt whether he would want to do it with such a big workload.

"But there's guys from the outside who could come in and have a big impact.

"Travis Head, Ashton Turner, these types of guys are experienced, they know how to win as well, so whichever way they (selectors) go, the team is in great hands."

Australia's next T20 international series starts late August in South Africa, the start of a build-up to a World Cup in June next year in the West Indies and United States.

"The time between now and the T20 World Cup in 2024 is really important," Finch said.

"Because it will be not a transition phase but the new leader needs time to come in and mould the team in the direction that they want to take it ... to let them just find their own feet and find their own direction, I think, is important."

Finch, who quit 50-over international cricket last September, retires as a dual T20 World Cup winner, including captaining Australia to the title in 2021.

The 36-year-old, who will continue playing in the BBL, is Australia's leading T20 scorer with 3120 runs at an average of 34.28 from 103 T20 internationals, 73 of them as captain.

Finch holds the world record for the highest individual score in a T20 international, his 172 from just 76 balls against Zimbabwe in 2018. He also has the third-highest total in history, 156 against England in 2013.

Finch also led Australia in 55 of his 146 one-day internationals, scoring 5406 runs at 38.89, and played five Test matches.

"I don't ever really sit back and think about my own career a huge amount," he said.

"I try and always do what is best for the team and put the team and everybody else before myself.

"But when I do sit back and reflect on it, it has been a pretty cool journey."

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Aaron Finch is retiring from international cricket in a decision which leaves Australia searching for a new Twenty20 captain.

Finch will announce his international T20 retirement at a media conference at the MCG on Tuesday morning, having already quit from the 50-over format.

The 36-year-old retires having led Australia to a T20 World Cup victory in 2021 but failing to defend the title in last year's tournament on home soil.

Finch retires as one of Australia's premier short-form batsmen, making 3120 runs at an average of 34.28 in 103 T20 internationals, and 5406 runs at 38.89 from 146 one-day internationals.

He also played five Test matches but his explosive power with the bat was better suited to the short formats.

Australia's next T20 is scheduled for South Africa in September.

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Aaron Finch has retired from international cricket in a decision which leaves Australia searching for a new Twenty20 captain.

Finch announced his international T20 retirement on Tuesday, having already quit from the 50-over format in September last year.

"The time is right to let the T20 team move on into a new phase, particularly with a World Cup coming up in 2024," Finch told reporters.

"It has been a pretty amazing journey."

The 36-year-old retires having led Australia to a T20 World Cup victory in 2021 but failing to defend the title in last year's tournament on home soil.

Finch retires as one of Australia's premier short-form batsmen, playing 103 T20 internationals - 73 of them as captain - making 3120 runs at an average of 34.28.

Finch also led Australia in 55 of his 146 one-day internationals, scoring 5406 runs at 38.89.

He also played five Test matches but his explosive power with the bat was better suited to the short formats, evidenced by his career strike rates of 142.53 in T20s and 87.73 in one-dayers.

Finch holds the world record for the highest individual score in a T20 international, his 172 from just 76 balls against Zimbabwe in 2018 - he also has the third-highest score in history, 156 against England in 2013.

Australia's next T20 is scheduled for South Africa in September leaving selectors ample time to ponder a new skipper though there is no stand-out successor.

Test and one-day captain Pat Cummins, who was Finch's deputy at last year's World Cup, is often rested from the shortest format while Steve Smith was not a first-choice selection in Australia's cup team.

© AAP 2023