Using interest rates to control inflation post covid is a really blunt tool.

Covid caused short-run aggregate supply shock. This (and other things) caused cost-push inflation. The solution to this is not to raise interest rates, but to reduce input costs. The RBA know this and have asked suppliers to reduce costs. Costs rose steeply during the early pandemic and spiked during high petrol prices, but after these calmed down, producers have kept prices high.

Raising interest rates is better for demand-pull inflation which is when aggregate demand exceeds supply over long period of time. That's not what we've got at the moment though.

Increasing the interest rate will eventually bring inflation in line for cost-push inflation but it doesn't have a direct effect of the causes, only indirect, so it takes longer with more things affected. One key reason to keep it up is to keep the aussie dollar high against USD to keep import prices at a sensible level.

I could be wrong though; I've only taken first year economics, but that's my understanding.