Treasurer Jim Chalmers has blamed successive interest rate rises for "smashing the economy", as the government braces for more weak economic figures due this week.

Ahead of the release of the latest economic growth figures on Wednesday, Mr Chalmers said the government was focused on walking the tightrope of bringing down inflation without further pressuring people "already being hammered by higher interest rates".

"With all this global uncertainty on top of the impact of rate rises which are smashing the economy it would be no surprise at all if the national accounts on Wednesday show growth is soft and subdued," Mr Chalmers said.

Higher inflation has held on longer than the federal government first anticipated, with headline inflation rising by 3.8 per cent over the year to the June 2024 quarter.

The Reserve Bank has lifted interest rates 13 times since May of 2022 from 0.1 per cent to 4.35 per cent, in efforts to slow spending — the only tool the central bank has to attack inflation.

But the economy has also halted, growing a meagre 0.1 per cent over the first quarter of 2024, and 1.1 per cent over the year to March.

Speaking on ABC News Breakfast, economist Angela Jackson said Mr Chalmers was getting ahead of expected bad news on the economy in Wednesday's national accounts.

"That heartbeat is getting really, really faint ... 0.2 per cent we're expecting, that means annual growth lower than 1 per cent — that will be the lowest since 1991," Dr Jackson said.

"We really are in that teetering position I think, in terms of growth."

Shadow Finance Minister Jane Hume accused Mr Chalmers of warring with the RBA, and said his comments laid blame on the central bank, instead of himself.

"Jim Chalmers blamed overseas factors for high inflation, then he blamed Philip Lowe, and now he's blaming his hand-picked replacement for Philip Lowe, Michele Bullock. He's got to turn the mirror on himself," Senator Hume said.

Asked about Mr Chalmers's comments, Prime Minister Anthony Albanese said they were unremarkable.

"Rate rises have an impact on the economy, that is what they are designed to do," Mr Albanese said.

"And I do note there is nothing new in what Jim Chalmers has said.

"What I would acknowledge is that many Australians are doing it tough. We have an economy that is growing but that growth is very modest."

Mr Chalmers later clarified at a press conference that "of course" his comments should not be interpreted as an attack on the RBA, but didn't repeat the claim.

"Both the Reserve Bank governor and I have said publicly that we have got the same objectives when it comes to inflation but we have got different responsibilities," he said.

"I think it is self-evident that from the data that a combination of global economic uncertainty and higher interest rates are smashing household budgets and slowing our economy."

It is not the first time Mr Chalmers has made such remarks.

In interviews in June and July, the treasurer said rate rises were "hammering the economy", and putting pressure on consumption.

Assistant minister Matt Thistlethwaite told Sky News the treasurer was signalling that the independent Reserve Bank's decisions to lift rates were "important" to the economy.

"That's slowed the economy and we don't want to see the Reserve Bank go too far," Mr Thistlethwaite said.

"We want to make sure we do continue to grow the economy."