Despite reports of falling inflation, the Reserve Bank has backed its own decision to raise interest rates in a move that has garnered opposition from many.

RBA head Phillip Lowe and Federal Treasurer Jim Chalmers have both held conferences to address the rises and to placate the public in the face of mounting economic pressure.

AMP chief economist Doctor Shane Oliver told Gary Adshead on 6PR Mornings the RTBA’s continued rate hikes were putting the country in unnecessary risk of a recession.

“It’s a bit like gradually tightening the screws: as you raise interest rates, households with a mortgage see higher and higher payments, which means less spending,” Dr Oliver said.

Press PLAY to hear how the RBA rate rises continue to affect Australian households