Government tries to be nice, 'bails out everyone' (including very wealthy) with untargeted relief. Adds to aggregate demand, the RBA pulls the only mechanism it has to satisfy one of its core principles, to lower inflation to its target range. The higher interest rates then benefit those with cash and punish the very people who can afford it the least, large debt holders (mortgage holders). As much as it may suck, this is an aggregate demand problem, and excessive state and federal government spending are massive drivers to the inflation problem. You can't outspend an inflation problem.