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A speech by the head of the central bank may offer more clues on how fast and high interest rates will rise.

Reserve Bank of Australia governor Philip Lowe is due to speak about where the economy is headed and the role of monetary policy on Thursday.

His speech follows another rate hike this week, the fifth in a row, in an effort to tame soaring inflation.

Dr Lowe has made it clear there will be more rate hikes in coming months, although noted the bank was "not on a pre-set path".

Based on a slight shift in rhetoric, some economists think the central bank might start slowing its policy tightening and perhaps pause hikes to see the impact of its decisions.

Commonwealth Bank economists expect the 50 basis point rise on Tuesday to be the last supersized hike in this tightening cycle, and expect a 25 basis point increase in October to take the cash rate to 2.60 per cent.

"This is around the RBA's estimate of the neutral level - a cash rate level not considered too stimulatory or restrictive for the economy - given the recent softening in economic data and deteriorating sentiment," CommSec economist Ryan Felsman said.

However, economists believe there's a chance the cash rate will reach 2.85 per cent by the end of the year.

The RBA's latest decision has also prompted calls for Dr Lowe's resignation.

Both the Greens and Nationals senator Matt Canavan have called for the central bank boss to resign because he promised rates would not start rising until 2024.

The Labor government has dismissed the suggestion, with Treasurer Jim Chalmers arguing it is not for him to "second guess the decisions taken by the independent Reserve Bank".

"They've got an important and difficult job to do, as does the government, and I'm focused on the government's job," he told reporters.

While rate hikes did little to dampen growth figures in June - with GDP lifting by 0.9 per cent in the June quarter - economists expect the impacts of policy tightening to show up in the following quarter.

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The government's signature climate legislation is on the verge of passing the Senate after it sat late into the night.

The bill will enshrine Labor's 43 per cent emissions reduction by 2030 and net-zero by 2050 targets in law, and has garnered support from the Greens and key crossbenchers despite calls for it to go further.

Senators sat late into Wednesday night for the bill's second reading, with amendments due to be moved on Thursday, clearing the way for it to be voted on.

Some amendments moved by independent senator David Pocock and the Jacqui Lambie Network will strengthen some reporting requirements for the responsible minister under the bill and will likely pass with the support of the government.

The bill, if amended, will be sent back to the House of Representatives where it passed at the start of August.

The Greens are also calling for the government to heed the bill's passing to stop the expansion of a coal mine in NSW.

"It will become law and this is happening at the exact same time as Environment Minister Tanya Plibersek has on her desk a request for the biggest expansion of a coal mine in NSW since Australia signed the Paris Agreement," Senator Sarah Hanson-Young said.

"Don't make a mockery of your new laws on day one. Send a message to the industry, to the market and to the Australian people you're serious about cutting pollution."

A key element of achieving the emissions cuts - changing the safeguard mechanism to lower emissions for more than 200 of the country's biggest polluters - is currently out for public comment.

The government is also seeking to introduce more renewable energy and make electric vehicles cheaper.

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The Albanese government's signature climate change legislation has cleared the Senate, paving the way for emission reduction targets to become law.

The bill will lock in a 43 per cent greenhouse gas reduction target by 2030 as well as net-zero by 2050.

Labor's legislation cleared the upper house on Thursday with support from the Greens and key crossbench members, despite calls for more ambitious climate targets.

The coalition voted against the legislation.

Climate Change and Energy Minister Chris Bowen said the passing of the bill provided certainty to investors and strengthened transparency and accountability for future governments.

"The message to investors is that Australia is open for business," Mr Bowen told the parliament after the bill's passing.

Independent senator David Pocock secured several amendments including firmer reporting requirements for the responsible minister.

A Greens attempt to increase the 2030 target to "at least 75 per cent" and impose a ban on new coal and gas projects was shot down.

"We don't have support for this amendment, spoiler alert," Greens senator Larissa Waters quipped ahead of the vote.

Senator Pocock also hit out at the government for branding its 43 per cent target as ambitious after modelling showed state and territory targets would reduce Australia's emissions by 42 per cent.

"If one per cent is ambitious, Australians are going to be asking questions," he said.

But Labor frontbencher Jenny McAllister said fossil fuels would play "an important part in helping to power communities" during the transition to renewables.

A Nationals push for periodic inquiries by the Productivity Commission also failed, as did a One Nation amendment questioning the link between humans and climate change.

Nationals senator Matt Canavan used his speech to push back against climate targets and the transition to renewable energy.

He told the Senate ambitious emission reduction targets in Europe have led to power shortages.

"It's an unbelievable situation that a developed country months away from winter beginning cannot guarantee that people will be able to stay warm," Senator Canavan said.

"Unless something changes it's not too dramatic to say that almost invariably people will die over the European winter unnecessarily because of these failed, naive, climate change policies."

The bill will next be sent back to the House of Representatives, where the amendments will be waved through, given Labor has a majority.

The legislation will then be assented into law.

The Albanese government's original bill passed the lower house in August.

© AAP 2022