Australians are bracing for a potential cash rate rise for the first time since 2007 after the annual inflation rate was revealed to have jumped to 5.1 per cent.
Three of the four big banks predict the Reserve Bank of Australia will raise the cash rate next week.
But the prime minister dismissed comparisons between the 2007 and 2022 elections, saying other factors were at play.
The current cash rate was at a historic low of 0.1 per cent, while in 2007 it was at 6.5 per cent and to draw equivalence between the two time periods was to misunderstand history, he said.
"We're in the middle of a global pandemic, with a war in Europe. Those situations were not in place in 2007. I think everyone would understand that," Mr Morrison told reporters in Cairns on Thursday.
The prime minister urged voters to stay the course with the Liberal-National coalition as cost of living pressures tighten.
But Labor says the coalition has been "asleep at the wheel" when it comes to inflation.
In a time of great uncertainty with cost of living pressures, voters should return his government to power based on their track record, Mr Morrison said.
"We have been a steady hand during the most immense pressures on our economy, and it's paying dividends, but it's still tough so now's not the time to risk it on Labor," he told the Seven Network.
Shadow treasurer Jim Chalmers said while some issues causing rising inflation were global, the coalition pretended they could not do anything to address the lack of wage rises.
"There are domestic issues and wages have been stagnant for the best part of a decade. That's been a deliberate design feature of the government's economic policy in their own words and we are now seeing the consequences of that," Dr Chalmers told the Seven Network.
"The government has been asleep at the wheel on inflation and have deliberately attacked and targeted wages and working conditions and job security."
Labor's economic plan, if it wins office, would include an audit of "waste and rorts" as well as crackdowns on multinational companies avoiding tax in a bid to make $5 billion in budget savings.
Mr Morrison started Thursday campaigning in Cairns, in the marginal Liberal seat of Leichhardt which is held by 4.2 per cent.
Opposition Leader Anthony Albanese remains in isolation after returning a positive COVID-19 test last week, but will return to the campaign trail on Friday.
Labor frontbenchers continue to campaign in his stead, and will be in Sydney on Thursday.
Mr Albanese will officially launch Labor's election campaign in Perth on Sunday.
Meanwhile, ABC managing director David Anderson has written to both major parties pitching a leaders' debate on Monday, May 9.
However, Mr Morrison told reporters he would be available for debates on the Seven and Nine networks, making a total of three encounters including the first with Sky held on April 20.
Labor is still considering its options.
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