Treasurer Jim Chalmers is under pressure to enact a more robust agenda to fight inflation and make the economy more efficient, as experts warned the growing gulf between wages and productivity will drive further rate rises.

After announcing an increase in the cash rate to 4.1 per cent from 3.85 per cent, Reserve Bank governor Philip Lowe warned the central bank may lift rates again in coming months to get inflation back down into its 2 per cent to 3 per cent target.