Founder and senior broker for Finance Brokers of Tasmania Lance Cure has 36 years' experience in the industry.

He said he agreed with the announced Reserve Bank of Australia rate rise of 50 basis points, saying it's how the economy worked.

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"This means the Reserve Bank is going very hard at inflation," Mr Cure said.

Mr Cure explained this rise was an effort to slow inflation after the measures taken during COVID such as assistance packages.

"The after-effects now appear to be that with a fair bit of cash in the economy, it's created inflationary pressures and the Reserve Bank has only got one implement to pull the reins on inflation, and that is interest rates," he said.

"And so they're going hard and and because they really don't want the sort of inflation rates that are starting to appear around the world."

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Mr Cure said people would need to "adjust their lifestyle".

"Some people might have to look at some of the more extravagant or flamboyant part of their life," he said.

"That's what the government is trying to do, it's trying to cut expenditure that's ramping expenditure drives inflation. That's simple fact."

"Uninhibited expenditure is the enemy of flat, low-lying inflation and a flat inflation underpins a sound economy."

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Mr Cure gave the example of eating out once a month rather than once a fortnight because in 12 months, with rapid inflation, people wouldn't be going out much at all.

Mr Cure was concerned for people in the rental market and who did not have "control" over costs.

"I'm concerned about are people trying to find a rental and people that are suffering from inflation that are not necessarily getting income growth," he said.

"People with mortgages will be alright as long as they realise they might just have to tighten their belt.

"But there's a lot of people out there that will not have control over what it's going to cost them at the supermarket and the petrol bowser."

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