Australia's central bank has taken heat over recent interest rate rises to curb soaring inflation, with some commentators laying blame on the bank's board and governor Philip Lowe.

Both major parties have pledged bipartisan support for the review and to ensure the bank retains a mandate of strong inflation targeting.

But political parties are already using the cost-of-living crisis to push other agendas, with some calling for the bank to press pause on future rate rises. A move that goes against any economic rationale in tackling inflation.

This may have ramifications if the review recommends changes to the Reserve Bank Act, and would require amendments to be passed through Parliament.

The Greens on the eve of the most recent rate hike called on the central bank to cease rate rises, saying it is placing greater pressure on households. Greens senator Nick McKim said the government should seek to impose a super tax on big corporations.

It is understandable Australians are feeling the cost pressure from rising rates. Interest repayments on mortgages will increase and place added strain on household budgets. But claims of limiting rate rises are counterfactual to tackling the cost pressures.

Greater taxation on firms does not address the systemic issue of what is driving inflation, which is supply disruptions caused by COVID-19 and the war in Ukraine causing price shocks within commodity markets.

Capping interest rates would likely push the high inflation level out to a longer period and place bigger threats of higher prices getting baked into the system.

It would also impose greater risks of stagflation, where the gross domestic product is falling but unemployment and prices are on the way up.

Parliamentarians can also look overseas to understand the consequences of politics intervening with central banking. Countries such as Chile, Venezuela and Zimbabwe are stark warnings of how interference can spark hyperinflation. It tanks economies. Think a $10 lettuce is bad, try a $100 one.

Coalition treasury spokesman Angus Taylor labelled the Greens' comments as on par with Clive Palmer's campaign pledge of capping mortgages to 3 per cent.

Regardless of factual arguments, the central bank, which has mostly kept the country's economic growth upwards and stable for the past three decades, has come under scrutiny. Some warranted, particularly around how it communicates forward guidance.

However, positions that skew economic principles and facts put at risk the bank's credibility to do its job, and in some cases could be as dangerous as anti-vaccination sentiment cooked up during the pandemic.