Australia · Reserve Bank of Australia

Australia: cash rate target 4.60%

Reserve Bank of Australia · Cash rate target

4.60%
+25 bpsfrom 4.35%

The RBA raised the cash rate target by 25 bps to 4.60%, effective 30 Sept 2026, its fourth hike in a row, after five months unchanged at 4.35%.

Effective
30 Sept 20267 days ago
Cycle
Tighteningsince Feb 2026
Moves in 12 months
44 hikes
Next decision
Not on our calendar yetBeing added
A year ago3.60%
5-year high4.60%
5-year low0.10%
2 official sources · release fd81f8557e00

How high it is

Higher than on 95% of days since 2011

Days at each level since 2011. Today’s level is in colour.

Where in the cycle

Tightening, +100 bps so far

The previous tightening cycle ran +425 bps over 18 months.

Against the Fed

+60 bps above the Fed, wider than on 58% of days since 2011

A year ago the gap was −65 bps.

Among 7 central banks

The 3rd highest policy rate of the seven

Above the Fed, BoE, ECB and BoC.

What it means for a loan

On a $600,000 loan over 30 years, this hike adds about $99 a month

$
yrs
%

Defaults model a $600,000 variable-rate home loan. Change any field.

If the RBA’s +25 bps reaches your loan
+$99a month
Monthly repayment
$3,733 → $3,832
Or keep the monthly repayment
33 more months
Interest over the loan
+$35,474
Rate
6.35% → 6.60%
Standard amortisation on the balance left. Your lender’s spread and reset date decide when, and how much of this, you see.

How it reaches loans in Australia

Most home loans are variable, so moves reach budgets within weeks

Variable-rate home loanDirect
Priced off
Lender's standard variable rate
Resets
Usually within weeks
Most Australian home loans are variable, one of the most direct channels to household budgets.
Fixed-rate home loanNone
Priced off
Fixed for one to five years
Resets
Rolls to variable when the fix ends
Fixed loans meet the cash rate when they roll off.
Your loan agreement’s benchmark and reset clause decide which applies.

Where this cycle stands

This tightening cycle is +100 bps in. The previous one ran +425 bps over 18 months.

This cycleEarlier tightening cycles, by start year

Every cycle since 2011

Two tightening and two easing cycles. Hover one to trace it.

Tightening · latest+100 Feb 2026 to Sept 2026 · 4 moves
Easing−75 Feb 2025 to Aug 2025 · 3 moves
Tightening+425 May 2022 to Nov 2023 · 13 moves
Easing−465 Nov 2011 to Nov 2020 · 18 moves

Against the Fed

Australia’s cash rate target sits 60 bps above the Fed’s upper bound: a wider gap than on 58% of days since 2011.

Australia minus United States, in bpsZero: the same rate
Gap today+60 bps7 Oct 2026
A year ago−65 bps7 Oct 2025
Widest since 2011+450 bpsJan 2011
Narrowest since 2011−165 bpsFeb 2023
Holding Australian dollars earns more than holding dollars, which supports the Australian dollar; a narrowing gap removes some of that support. One input among many, not a forecast.

The record since 2011

38 moves since January 2011, from a high of 4.75% in Jan 2011 to a low of 0.10% in Nov 2020.

Cash rate targetHikeCut
Live shows the verified record. Announced and Decided preview the states this page goes through on decision day.

Every move

38 moves since Jan 2011. Votes and statements for the RBA are being added.

Raised to 4.60%+2530 Sept 2026 · fourth hike in a row
Raised to 4.35%+256 May 2026 · third hike in a row
Raised to 4.10%+2518 Mar 2026 · second hike in a row
Raised to 3.85%+254 Feb 2026 · first hike since November 2023
Cut to 3.60%−2513 Aug 2025 · third cut in a row
Cut to 3.85%−2521 May 2025 · second cut in a row
Cut to 4.10%−2519 Feb 2025 · first cut since November 2020
Raised to 4.35%+258 Nov 2023 · hike number 13 in a row
Raised to 4.10%+257 June 2023 · twelfth hike in a row
Raised to 3.85%+253 May 2023 · eleventh hike in a row
Raised to 3.60%+258 Mar 2023 · tenth hike in a row
Raised to 3.35%+258 Feb 2023 · ninth hike in a row
Raised to 3.10%+257 Dec 2022 · eighth hike in a row
Raised to 2.85%+252 Nov 2022 · seventh hike in a row
Raised to 2.60%+255 Oct 2022 · sixth hike in a row
Raised to 2.35%+507 Sept 2022 · fifth hike in a row
Raised to 1.85%+503 Aug 2022 · fourth hike in a row
Raised to 1.35%+506 July 2022 · third hike in a row
Raised to 0.85%+508 June 2022 · second hike in a row
Raised to 0.35%+254 May 2022 · first hike in this record
Cut to 0.10%−154 Nov 2020 · cut number 18 in a row
Cut to 0.25%−2520 Mar 2020 · cut number 17 in a row
Cut to 0.50%−254 Mar 2020 · cut number 16 in a row
Cut to 0.75%−252 Oct 2019 · cut number 15 in a row
Cut to 1.00%−253 July 2019 · cut number 14 in a row
Cut to 1.25%−255 June 2019 · cut number 13 in a row
Cut to 1.50%−253 Aug 2016 · twelfth cut in a row
Cut to 1.75%−254 May 2016 · eleventh cut in a row
Cut to 2.00%−256 May 2015 · tenth cut in a row
Cut to 2.25%−254 Feb 2015 · ninth cut in a row
Cut to 2.50%−257 Aug 2013 · eighth cut in a row
Cut to 2.75%−258 May 2013 · seventh cut in a row
Cut to 3.00%−255 Dec 2012 · sixth cut in a row
Cut to 3.25%−253 Oct 2012 · fifth cut in a row
Cut to 3.50%−256 June 2012 · fourth cut in a row
Cut to 3.75%−502 May 2012 · third cut in a row
Cut to 4.25%−257 Dec 2011 · second cut in a row
Cut to 4.50%−252 Nov 2011 · first cut in this record

Among 7 central banks

World view

Australia’s 4.60% is the 3rd highest of the seven, between India (5.50%) and United States (3.75 to 4.00%).

Australia