One financial analyst believes the Morrison government should not shoulder all the blame for Tuesday’s sharp interest rate rise.

Sky News business editor Ross Greenwood, writing in The Australian today, said the tenure of Reserve Bank of Australia governor Philip Lowe, whose term ends on September 17 next year, should not be renewed, no matter who is federal treasurer at then.

Greenwood told Liam Bartlett on 6PR Mornings the litany of RBA misses keeps piling up.

“They could not have forecast the crisis in the Ukraine … but what you could understand is that the government here borrowed $350 billion as part of JobKeeper to help support Australian jobs,” he said.

“And you also knew the Reserve Bank itself had printed another $350 billion to buy back government bonds.

“So when you’re printing money and when you’re borrowing more money and putting that back in the system, that creates inflation.”

Press PLAY below to hear Ross Greenwood’s take on the RBA’s performance