The Reserve Bank's self-review pokes a few holes in its response to Covid-19.

But it also says the Covid response was consistent with data available at the time - and worst case economic scenarios were avoided.

The regular five year review found tightening monetary policy earlier could have lessened inflation at the margins.

Infometrics principal economist, Brad Olsen, told Mike Hosking it means the central bank wasn't quick enough in raising interest rates.

He says the Reserve Bank saying it could have done more, quicker, is the closest to an admission that it should have changed tack.

LISTEN ABOVE