The Reserve Bank of Australia’s mantra to keep interest rates low throughout 2022 has drawn criticism from Future Fund and Nine Network Entertainment chairman Peter Costello.

The former Treasurer of Australia said the Reserve Bank was too slow to raise interest rates and inflation was soaring as a result.

“We’ve come through a very unusual time, where interest rates are at the lowest they have been in history… which is appropriate while we were going through the coronavirus,” he told Liam Bartlett on 6PR Mornings.

“Inflation is like a bushfire, once it gets out of control it takes a lot of resources to get it back under control.”

Press PLAY below to hear more from Mr Costello on rates, the economy and upcoming election.