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Treasurer Jim Chalmers is standing by Reserve Bank of Australia Governor Philip Lowe, ahead of a likely rise in the official cash rate.

Economists are tipping another 50 basis point hike to interest rates when the central bank board meets on Tuesday, which would take the cash rate to 1.85 per cent.

While there have been some suggestions that Dr Lowe should resign, after he previously said rates would not rise until 2024, Dr Chalmers said the governor had his full support.

"My job is to not take pot shots at the governor," he told the Nine Network on Tuesday.

"My job is to do what we can in the government to alleviate some of these inflationary pressures that we are seeing in the economy and that is what our focus is."

The RBA has raised interest rates at each of its last three board meetings to leave the cash rate currently sitting at 1.35 per cent.

But while a 50 basis point increase is expected on Tuesday, a bigger rise can't be ruled out.

Dr Chalmers said a rise in rates would be challenging for many.

"This is about a difficult day for Australians with a mortgage, another difficult day," he said.

"People are expecting his outcome today, but it won't make it any easier."

The treasurer said he understood the frustrations of mortgage holders, who may not have expected rate rises for a couple of years.

"People are doing it really tough, they have high and rising inflation and falling wages and their interest rates are going up, so clearly there will be an element of frustration in the community about those circumstances," he said.

"The economic conditions changed faster than (the RBA) anticipated."

Prime Minister Anthony Albanese echoed Dr Chalmers' comments in a later interview on Nine.

The RBA's post-board meeting statement will be scrutinised for any changes in language on the direction of inflation and rates.

Greens treasury spokesman Nick McKim said the RBA should hit the pause button on more rate rises.

"Inflation is being driven by supply side shocks and corporate profiteering," he said.

"Jacking up interest rates will not fix these problems. The RBA needs to be honest about this with the Australian public."

The central bank's monetary policy meeting comes ahead of the release of its latest economic forecasts in a Statement on Monetary Policy on Friday.

Also on Tuesday, the ANZ-Roy Morgan consumer confidence survey will be released, as well as official lending indicator and building approval figures.

The CoreLogic Home Value Index of national home prices fell by 1.3 per cent in July, the third consecutive monthly decline, but prices were up by eight per cent on the year.

National house prices fell 1.4 per cent in the month but were up nine per cent for the year, while apartment prices fell by 0.9 per cent in July but were up 4.6 per cent for the year.

Regional home prices fell by 0.8 per cent in July, but were up 17 per cent on the year.

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The great Australian dream of home ownership is being realised by fewer young people than it was half a century ago.

Data collected in the latest Census shows the home ownership rate of people aged 30 to 34-years-old sat at 50 per cent in 2021, a drop of 14 per cent since 1971.

For those aged 25 to 29, the decrease was also 14 per cent over the same period, dropping to 36 per cent in 2021.

Some of those people aged below 30 who owned their own home in the 1970s are among the Aussies with the highest rate of ownership in 2021.

Baby Boomers - those born between 1946 and 1964 - make up the highest rate (82 per cent) of home owners in 2021.

The data released on Tuesday by the Australian Institute of Health and Welfare was drawn from information gathered in the latest Census, including that there were nearly 9.8 million households in 2021.

Of those, 67 per cent were occupied by "owners", with roughly half of those subject to mortgage.

About a third of households, or 2.9 million, are occupied by renters.

"There has been a sharper increase in the proportion of young Australians renting compared with older Australians," the institute said as part of its data release.

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The Reserve Bank is expected to lift the cash rate to its highest level in more than six years when its board meets on Tuesday.

Economists tip a 50 basis points hike, taking the cash rate to 1.85 per cent - the highest it has been since April 2016.

However a higher lift can't be ruled out.

The post-board meeting statement will be scrutinised for any changes in language on the direction of inflation and rates.

The Reserve Bank will formally outline its latest forecasts in the statement on monetary policy to be released on Friday.

Prime Minister Anthony Albanese said the federal opposition were "kidding themselves" if they argued rates would not have risen if the coalition retained power at the election.

"What we know is the Reserve Bank will meet and is likely to make another decision," he told parliament.

"We will wait and see what that independent decision is, but I do note ... (the Liberal-National opposition) will not take responsibility for anything that they left, the trillion dollars of debt or any of the other chaos they left in the economy."

Greens treasury spokesman Nick McKim said the RBA needed to hit pause on further rate rises.

"Inflation is being driven by supply side shocks and corporate profiteering," he said.

"Jacking up interest rates will not fix these problems. The RBA needs to be honest about this with the Australian public.

"Monetary policy cannot curb inflation without punishing workers, renters and new homeowners, none of whom are the cause of the problem."

Also on Tuesday will be the release of the ANZ-Roy Morgan consumer confidence survey, as well as official lending indicator and building approval figures.

The CoreLogic Home Value Index of national home prices fell by 1.3 per cent in July, the third consecutive monthly decline, but prices were up by eight per cent on the year.

National house prices fell 1.4 per cent in the month but were up nine per cent for the year, while apartment prices fell by 0.9 per cent in July but were up 4.6 per cent for the year.

Regional home prices fell by 0.8 per cent in July, but were up 17 per cent on the year.

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A man accused of involvement in an Australia Day road rage shooting that left a Gold Coast father-of-two dead more than 13 years ago has been released on bail.

Paul Younan is charged over the killing of 32-year-old Omega Ruston in Burleigh Heads on the Gold Coast on January 26, 2009.

The 36-year-old was refused bail in April, but granted bail by Brisbane Supreme Court Justice Melanie Hindman on Monday.

Mr Ruston was travelling along the Gold Coast Highway in his white 2001 Holden Rodeo ute when he was shot dead in a suspected road rage incident about 10.25pm.

Younan and two co-accused - Toni Elbayeh and Hysam Hamdan - were extradited from NSW to Queensland in February after being arrested in Sydney.

All three were charged with murder and other offences, while a fourth man Brent Luke Simpson, who was arrested on the same day as the other men, faces charges including being an accessory after the fact to Ruston's murder.

Their arrests followed an appeal last year during which a $250,000 reward was offered.

The cases against Younan, Elbayeh and Hamdan are listed for mention in Brisbane Magistrates Court on Friday, while Simpson is due to appear in Southport Magistrates Court on August 11.

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