The Reserve Bank of Australia is being urged to go hard and go early on interest rate rises in a bid to avoid inflation “getting away” from the country.

Warren Hogan, Chief Economic Advisor at Judo Bank, told 3AW Breakfast there was a risk of the situation mirroring the late 1980s if appropriate action wasn’t taken.

“That’s what we are trying to avoid here,” he said.

“We are trying to avoid a situation like we saw in the late 1980s, for example, where this thing gets away from them and they have to put rates up so high there is no other outcome than a bad, deep recession.”

Press PLAY below to hear his thoughts on what should happen next