Australia is in a "period of rising", and high official cash rates will extend for some time, said IFM Chief Economist Alex Joiner, according to a Tuesday Australian Financial Review report, citing Joiner.

"The Reserve Bank of Australia (RBA) [doesn't] have the trimmed mean measure of inflation back at the mid-point until after June 2028, even with a cash rate assumption above 4%," Joiner said.

Joiner said that the lesson to learn for the RBA is not to cut cash rates until inflation is at the mid-point of the target, regardless of forecast expectations.

Joiner added that it can be argued that the RBA should have been willing to tolerate an undershoot of the target midpoint to ensure inflation remained within the target band.

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