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The rapper Takeoff, best known for his work with the Grammy-nominated trio Migos, is dead after a shooting outside a bowling alley in Houston, a representative has confirmed.

He was 28.

Kirsnick Khari Ball, known as Takeoff, was part of Migos along with Quavo and Offset.

A representative for members of Migos who was not authorised to speak publicly confirmed the death to the Associated Press.

Police responded shortly after 2.30am to reports of a shooting at 810 Billiards & Bowling, where dozens of people had gathered on a balcony outside of the third-floor bowling alley, police said.

Officers discovered one man dead when they arrived.

An AP reporter at the scene observed a body loaded into a medical examiner's van about 10am, more than seven hours after the shooting.

Security guards who were in the area heard the shooting but did not see who did it, a police spokesperson said.

Two other people were injured and taken to hospitals in private vehicles.

No arrests have been announced and few details were released about what led up to the shooting but Houston police planned a news conference for Tuesday afternoon.

Takeoff was the youngest member of Migos, the rap trio from suburban Atlanta that also featured his uncle Quavo and cousin Offset.

They first broke through with the massive hit Versace in 2013.

The song was remixed by Drake, heightening its popularity.

© AP 2022

Police have few leads in the fatal shooting of US rapper Takeoff outside a private party at a downtown Houston bowling alley.

Takeoff, whose off-stage name was Kirsnick Khari Ball, formed one-third of the Grammy Award-nominated trio Migos with uncle Quavo and cousin Offset from suburban Atlanta.

The 28-year-old rapper was killed early on Tuesday when gunfire erupted and also wounded another man and a woman, according to police Chief Troy Finner.

Most of the 40 people who attended the party at 810 Billiards & Bowling fled when the gunshots rang out, Finner said.

That left police asking people to come forward and give statements and videos to investigators on what they saw and heard, Mayor Sylvester Turner said.

At least two people discharged firearms, according to Finner. The two others who were struck by gunfire had non-life-threatening wounds and went to hospitals in private vehicles, he said.

Finner said Takeoff was "well respected" and there was "no reason to believe he was involved in anything criminal at the time".

Migos' record label, Quality Control, mourned Takeoff's death in a statement on Instragram.

"Senseless violence and a stray bullet has taken another life from this world and we are devastated," the statement said, though police have said nothing about the gunshot being a stray.

"Please respect his family and friends as we all continue to process this monumental loss."

Rap stars including Dave, Kid Cudi, Khalid, Sean Paul and Ja Rule also paid tribute.

The bowling alley is in a three-storey Houston retail complex. By late Tuesday afternoon, fans had created a memorial with roses, candles and a teddy bear on the first floor.

Migos first broke through with the massive hit Versace in 2013. They had four Top 10 hits on the Billboard Hot 100, though Takeoff was not on their No.1 hit Bad and Boujee.

They put out a trilogy of albums called Culture, Culture II and Culture III, with the first two hitting No.1 on the Billboard 200 album chart.

They also earned an ASCAP Vanguard Award in 2018 for their streaming success with multiplatinum songs such as Motorsport (featuring Cardi B and Nicki Minaj), Stir Fry, and Walk It Talk It.

The trio also played a fictional version of themselves on an episode of the hit TV show Atlanta, but the group was not currently together.

© AP 2022

The central bank has pulled the trigger on another 25 basis point rate rise and upgraded its peak inflation forecasts off the back of a surprise surge in the cost of living.

The seventh hike in the Reserve Bank of Australia's policy tightening cycle brings the official cash rate to 2.85 per cent.

NAB has already passed the rate hike in full to home loan customers, lifting monthly repayments for its variable-rate mortgage holders starting from November 11.

Compared to pre-hikes, a 0.25 percentage point rise will push monthly repayments up by $760 for a mortgage holder $500,000 in debt with 25 years remaining on the loan, RateCity analysis shows.

The RBA opted for another smaller 0.25 percentage point lift despite some speculation of a 0.5 percentage point rise in the wake of unexpectedly high third-quarter inflation.

RBA governor Philip Lowe said the central bank had already lifted interest rates "materially" since May, and that it would take time for higher interest rates and inflation to bite.

"The board recognises that monetary policy operates with a lag and that the full effect of the increase in interest rates is yet to be felt in mortgage payments," Dr Lowe said in a statement.

The central bank has also added around 0.25 percentage points to its peak inflation forecast, and now expects it to reach eight per cent before the end of the year.

"Inflation is then expected to decline next year due to the ongoing resolution of global supply-side problems, recent declines in some commodity prices and slower growth in demand," Dr Lowe said.

The central bank expects inflation to simmer down to 4.75 per cent next year and a touch over three per cent in 2024.

Treasury forecast a 7.75 per cent inflation peak in the October budget handed down last week, but Treasurer Jim Chalmers said there was some flexibility in this prediction.

"(Treasury) have always said that the risks when it comes to inflation are on the upside given what's happening in energy markets as a consequence of the war in Ukraine," Dr Chalmers told reporters in Sydney.

"And given the upward pressure on grocery prices brought about by flooding of some of the prime farmland in eastern Australia," he added.

The central bank has also revised its growth forecast down a little, and now expects growth of around three per cent this year and 1.5 per cent in 2023 and 2024.

The RBA has been hiking interest rates aggressively since May to temper inflation, which hit 7.3 per cent in the September quarter.

It hiked by 25bps in May, before four consecutive 50bps between June and September.

The RBA then shifted gears back to a 25bp hike in October.

Dr Lowe indicated there were more rate hikes to come.

"The board expects to increase interest rates further over the period ahead," he said.

"It is closely monitoring the global economy, household spending and wage and price-setting behaviour."

The central bank will also remain laser-focused on incoming data for inflation and the labour market to guide its future decisions.

Dr Chalmers said his first budget delivered last week was centred around the inflation challenge.

"It's more important than ever that the budget is responsible and restrained and right for the times, and that's what our budget is."

Shadow treasurer Angus Taylor said the government missed its opportunity to flesh out a plan to ease cost of living pressures in the budget.

"The Labor government has put up a white flag when it comes to interest rates and inflation and Australians will pay the price," he said.

© AAP 2022