Interest rates must rise higher to conquer inflation and Australia needs a more ambitious growth plan to pay for the mounting cost of the clean energy transition and national security amid a volatile geopolitical world, business leaders have warned.

On the day the Reserve Bank of Australia raised the cash rate for the 10th straight monthly meeting to 3.6 per cent, chief executives and geopolitical experts said repeating the prosperity of the past 30 years would be tougher due to deglobalisation, the US-China rivalry, decarbonisation, ageing populations and high debt.