The Reserve Bank's cash rate target is 4.60%. The RBA last raised it, by 25 basis points to 4.60%, announced on Tuesday 29 September 2026. That was the fourth hike since February 2026: +100bp in all, from 3.60%.
Each run of moves in one direction, newest first. A pause doesn't end a cycle; a move the other way does.
| Cycle | When | Change | Cash rate |
|---|---|---|---|
| Tightening | Feb 2026 – Sep 2026 | +100bp | 3.60% → 4.60% |
| Easing | Feb 2025 – Aug 2025 | −75bp | 4.35% → 3.60% |
| Tightening | May 2022 – Nov 2023 | +425bp | 0.10% → 4.35% |
| Easing | Nov 2011 – Nov 2020 | −465bp | 4.75% → 0.10% |
| Tightening | Oct 2009 – Nov 2010 | +175bp | 3.00% → 4.75% |
| Easing | Sep 2008 – Apr 2009 | −425bp | 7.25% → 3.00% |
| Tightening | May 2002 – Mar 2008 | +300bp | 4.25% → 7.25% |
| Easing | Feb 2001 – Dec 2001 | −200bp | 6.25% → 4.25% |
| Tightening | Nov 1999 – Aug 2000 | +150bp | 4.75% → 6.25% |
| Easing | Jul 1996 – Dec 1998 | −275bp | 7.50% → 4.75% |
| Tightening | Aug 1994 – Dec 1994 | +275bp | 4.75% → 7.50% |
| Easing | Jan 1990 – Jul 1993 | about −1275bp | 4.75% |
In 2026 the RBA has changed the cash rate 4 times. Meetings where the RBA left the rate alone aren't listed; the meeting dates page has every decision from 2026.
| Took effect | Change | Cash rate |
|---|---|---|
| 30 Sep 2026 | +25bp | 4.60% |
| 6 May 2026 | +25bp | 4.35% |
| 18 Mar 2026 | +25bp | 4.10% |
| 4 Feb 2026 | +25bp | 3.85% |
| 13 Aug 2025 | −25bp | 3.60% |
| 21 May 2025 | −25bp | 3.85% |
| 19 Feb 2025 | −25bp | 4.10% |
| 8 Nov 2023 | +25bp | 4.35% |
| 7 Jun 2023 | +25bp | 4.10% |
| 3 May 2023 | +25bp | 3.85% |
| 8 Mar 2023 | +25bp | 3.60% |
| 8 Feb 2023 | +25bp | 3.35% |
| 7 Dec 2022 | +25bp | 3.10% |
| 2 Nov 2022 | +25bp | 2.85% |
| 5 Oct 2022 | +25bp | 2.60% |
| 7 Sep 2022 | +50bp | 2.35% |
| 3 Aug 2022 | +50bp | 1.85% |
| 6 Jul 2022 | +50bp | 1.35% |
| 8 Jun 2022 | +50bp | 0.85% |
| 4 May 2022 | +25bp | 0.35% |
| 4 Nov 2020 | −15bp | 0.10% |
| 20 Mar 2020 | −25bp | 0.25% |
| 4 Mar 2020 | −25bp | 0.50% |
| 2 Oct 2019 | −25bp | 0.75% |
| 3 Jul 2019 | −25bp | 1.00% |
| 5 Jun 2019 | −25bp | 1.25% |
| 3 Aug 2016 | −25bp | 1.50% |
| 4 May 2016 | −25bp | 1.75% |
| 6 May 2015 | −25bp | 2.00% |
| 4 Feb 2015 | −25bp | 2.25% |
| 7 Aug 2013 | −25bp | 2.50% |
| 8 May 2013 | −25bp | 2.75% |
| 5 Dec 2012 | −25bp | 3.00% |
| 3 Oct 2012 | −25bp | 3.25% |
| 6 Jun 2012 | −25bp | 3.50% |
| 2 May 2012 | −50bp | 3.75% |
| 7 Dec 2011 | −25bp | 4.25% |
| 2 Nov 2011 | −25bp | 4.50% |
| 3 Nov 2010 | +25bp | 4.75% |
| 5 May 2010 | +25bp | 4.50% |
| 7 Apr 2010 | +25bp | 4.25% |
| 3 Mar 2010 | +25bp | 4.00% |
| 2 Dec 2009 | +25bp | 3.75% |
| 4 Nov 2009 | +25bp | 3.50% |
| 7 Oct 2009 | +25bp | 3.25% |
| 8 Apr 2009 | −25bp | 3.00% |
| 4 Feb 2009 | −100bp | 3.25% |
| 3 Dec 2008 | −100bp | 4.25% |
| 5 Nov 2008 | −75bp | 5.25% |
| 8 Oct 2008 | −100bp | 6.00% |
| 3 Sep 2008 | −25bp | 7.00% |
| 5 Mar 2008 | +25bp | 7.25% |
| 6 Feb 2008 | +25bp | 7.00% |
| 7 Nov 2007 | +25bp | 6.75% |
| 8 Aug 2007 | +25bp | 6.50% |
| 8 Nov 2006 | +25bp | 6.25% |
| 2 Aug 2006 | +25bp | 6.00% |
| 3 May 2006 | +25bp | 5.75% |
| 2 Mar 2005 | +25bp | 5.50% |
| 3 Dec 2003 | +25bp | 5.25% |
| 5 Nov 2003 | +25bp | 5.00% |
| 5 Jun 2002 | +25bp | 4.75% |
| 8 May 2002 | +25bp | 4.50% |
| 5 Dec 2001 | −25bp | 4.25% |
| 3 Oct 2001 | −25bp | 4.50% |
| 5 Sep 2001 | −25bp | 4.75% |
| 4 Apr 2001 | −50bp | 5.00% |
| 7 Mar 2001 | −25bp | 5.50% |
| 7 Feb 2001 | −50bp | 5.75% |
| 2 Aug 2000 | +25bp | 6.25% |
| 3 May 2000 | +25bp | 6.00% |
| 5 Apr 2000 | +25bp | 5.75% |
| 2 Feb 2000 | +50bp | 5.50% |
| 3 Nov 1999 | +25bp | 5.00% |
| 2 Dec 1998 | −25bp | 4.75% |
| 30 Jul 1997 | −50bp | 5.00% |
| 23 May 1997 | −50bp | 5.50% |
| 11 Dec 1996 | −50bp | 6.00% |
| 6 Nov 1996 | −50bp | 6.50% |
| 31 Jul 1996 | −50bp | 7.00% |
| 14 Dec 1994 | +100bp | 7.50% |
| 24 Oct 1994 | +100bp | 6.50% |
| 17 Aug 1994 | +75bp | 5.50% |
| 30 Jul 1993 | −50bp | 4.75% |
| 23 Mar 1993 | −50bp | 5.25% |
| 8 Jul 1992 | −75bp | 5.75% |
| 6 May 1992 | −100bp | 6.50% |
| 8 Jan 1992 | −100bp | 7.50% |
| 6 Nov 1991 | −100bp | 8.50% |
| 3 Sep 1991 | −100bp | 9.50% |
| 16 May 1991 | −100bp | 10.50% |
| 4 Apr 1991 | −50bp | 11.50% |
| 18 Dec 1990 | −100bp | 12.00% |
| 15 Oct 1990 | −100bp | 13.00% |
| 2 Aug 1990 | −100bp | 14.00% |
| 4 Apr 1990 | Cut (range) | 15.00–15.50% |
| 15 Feb 1990 | Cut (range) | 16.50–17.00% |
| 23 Jan 1990 | Cut (range) | 17.00–17.50% |
Dates are when each new rate took effect: a decision announced at 2.30pm takes effect the next day. Until mid-1990 the target was a range. From the RBA's cash rate statistics (table A2), checked every 30 minutes.
17.00–17.50%, in January 1990, when the RBA first announced a target. It was cut through the early-1990s recession to 4.75% by July 1993.
0.10%, from Wednesday 4 November 2020 until Wednesday 4 May 2022.
The RBA raised the cash rate by 25 basis points to 4.60% on Tuesday 29 September 2026.
The RBA cut the cash rate by 25 basis points to 3.60% with effect from Wednesday 13 August 2025.
To keep inflation between 2 and 3% and the labour market at full employment. Raising the cash rate makes borrowing dearer and slows spending, which eases inflation; cutting it does the opposite. The rate tracker follows both sides of that mandate, and the interest rate forecast shows where markets expect the rate to go next.
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Figures refresh every 30 minutes; last updated
08 Oct 2026, 07:03 Sydney time.
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