Interest rate rises: is there a less painful way to curb inflation?

Central banks have mostly been on ‘auto pilot’ for the past few decades when it comes to managing inflation, says Timo Henckel, a senior economics lecturer at the Australian National University. Photograph: Daniel Munoz/Reuters

The seemingly endless series of interest rate rises by the Reserve Bank of Australia has stirred up arguments about whether monetary policy is the fairest and most effective way to curb inflation.

With the RBA governor, Philip Lowe, expected to announce a record 10th consecutive rate rise on Tuesday, this debate is likely to be inflamed further.