The final push to lower inflation to within the Reserve Bank of Australia’s target band of 2 per cent to 3 per cent will be the toughest, Jim Chalmers has warned.

Addressing the Citi A50 Australian Economic Forum in Sydney, Dr Chalmers said while inflation was well below the 6.1 per cent Labor inherited when it won government, “the final stretch of our journey back to the band will not be smooth”.