While households have been hit with higher interest rates, it has not completely slowed down inflation. "The reality is the interest rate is not out by one or two rate hikes, it is out by at least four. While higher interest rates hurt mortgage holders and businesses directly and have a flow on impacts to renters, RBA governor Michele Bullock previously said inflation also hurts everyone. A growth rate above this will exceed Australia's "economic speed limit" and add to its inflation woes. "This is what interest rates are designed to do.