Labor says Morrison's economic credibility 'in tatters' as federal election interest rate hike looms

The Reserve Bank of Australia board is tipped to raise the cash rate on Tuesday in an attempt to slow soaring inflation.

Mr Morrison and Treasurer Josh Frydenberg have blamed external factors, including the war in Ukraine and disrupted supply chains, for the surging price of food and fuel. But Labor argues the Coalition is culpable.

Opposition treasury spokesman Jim Chalmers weaponised the looming Reserve Bank of Australia rate hike call in a fresh attack on the Coalition over the cost of living.

"Whether the Reserve Bank raises interest rates this week or next month, Scott Morrison's economic credibility is in tatters," Mr Chalmers said.

"This is the third wave of Scott Morrison's cost of living crisis. This is a triple whammy of falling real wages, skyrocketing inflation, and interest rates are about to rise as well."

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After WA Premier Mark McGowan helped launch his campaign on Sunday, Mr Albanese received the backing from another Labor state leader whose popularity soared during the COVID-19 crisis.

Annastacia Palaszczuk offered a full-throated endorsement of Mr Albanese's bid to become Australia's next prime minister, as she unloaded on Mr Morrison for dividing the nation during the pandemic.

"The Prime Minister of this country had a golden opportunity to unite this country ... and during a pandemic he chose to divide," she told reporters.

"He chose to attack Queensland, attack Victoria and attack Western Australia. This country needs someone who will unite this country, and I believe that Anthony Albanese is definitely the person to do this job."

After fronting the media, Mr Albanese and Ms Palasczuzk joined thousands of workers in the Labour Day march through the streets of Brisbane.

Mr Albanese used the march from Brisbane CBD to the Royal Exhibition Showgrounds in Bowen Hills to push Labor's promise to lift wages.

Holding a banner saying "to our pandemic heroes, thank you", Mr Albanese walked alongside Australian Council of Trade Unions secretary Sally McManus, Ms Palaszcuck, and his partner Jodie Haydon.

"You deserve a government that cares about secure work," Mr Albanese said in a speech after the march.

He referred to the aged care sector and said the Coalition was not willing to implement the royal commission recommendations, which called for pay increases for workers.

"I'll accept responsibility. I'll turn up. I'll work hard and I'll act in the interest of this nation," he said.