More economists agree that Australia should review its inflation target, or at least have a robust discussion around it, as the 2 to 3 per cent range looks increasingly out of step with international peers and the global inflationary pulse.

Warren Hogan, an independent economist who is an adjunct professor at UTS Business School, says an inflation target is absolutely appropriate, and he has zero interest in entertaining an alternative regime of growth or labour targeting.

But he thinks the Reserve Bank of Australia's mid-point of the 2 to 3 per cent range is "probably too high" and considers 2 per cent to be a more reasonable level.

Warren Hogan argues that it's time to think about adjusting the inflation target. Anthony Johnson

David Bassanese, Betashares' chief economist in Australia, is also advocating for a lower inflation target and has suggested a broader and lower 1 to 3 per cent range, because 2.5 per cent is higher than comparable economies, and a lower target would give the Reserve Bank a freer hand to normalise interest rates.

Mr Bassanese believes that financial stability concerns have already jettisoned the inflation target for all intents and purposes because the Reserve Bank is so hesitant to cut rates, which is the only monetary policy response to stimulate inflation.