"We all have the same fundamental challenge, which is that inflation has been sticky on the way down, in particular services prices, inflation," he said.

"And we'll I'm sure talk about this in the context of Australia, Canada and Europe and many other countries — UK, obviously, where I've just come from — have the same challenge.

"Your colleague earlier said it was a tough time for central bankers.

"I don't think people should feel too sorry for the central bankers — we're well-paid, we have an interesting and important job to do.

"The people that are challenged and struggling are the people who are finding it difficult to make ends meet, and who are affected by our decisions but are most importantly, Ross, affected by high inflation."