CURRENT RBA CASH RATE TARGET AS Of November: 4.35%
Graph: RBA cash rate over time (source: rba.gov.au)
The next interest rate decision from the RBA is on: 05 December 2023
Latest overview from November 2023 announcement:
The Board has decided to increased the cash rate to 4.35%
Inflation in Australia remains high and persistent, with expectations of CPI inflation to be around 3.5% by the end of 2024, exceeding the target range.
Interest rates had been held steady since June, but the Board believed an increase was necessary to ensure inflation returns to the target range.
Uncertainties in the global economy, service price inflation, and the impact of monetary policy on the labor market will influence future decisions on monetary policy tightening.
The Board's priority is to return inflation to the target range.
2023
Effective Date
Cash rate target (%)
Change % points
8 Feb 2023
3.35
0.25
8 Mar 2023
3.6
0.25
5 Apr 2023
3.6
0
3 May 2023
3.85
0.25
7 Jun 2023
4.1
0.25
4 July 2023
4.1
0.00
5 August 2023
4.1
0.00
6 Sep 2023
4.10
0.00
4 Oct 2023
4.10
0.00
8 Nov 2023
4.35
0.25
Notes:
• Cash rate rises so far in 2023: 5 • Cash rate decreases so far in 2023: 0 • Cash rate on hold so far in 2023: 5
• Cash rate rises in 1994: 3 • Cash rate decreases in 1994: 0 • Cash rate pauses in 1994: 8
1993
Effective Date
Cash rate target (%)
Change % points
3 Feb 1993
5.75
0
23 Mar 1993
5.25
-0.5
7 Apr 1993
5.25
0
5 May 1993
5.25
0
2 Jun 1993
5.25
0
7 Jul 1993
5.25
0
30 Jul 1993
4.75
-0.5
8 Sep 1993
4.75
0
6 Oct 1993
4.75
0
3 Nov 1993
4.75
0
8 Dec 1993
4.75
0
• Cash rate rises in 1993: 0 • Cash rate decreases in 1993: 2 • Cash rate pauses in 1993: 9
1992
Effective Date
Cash rate target (%)
Change % points
8 Jan 1992
7.5
-1
5 Feb 1992
7.5
0
4 Mar 1992
7.5
0
8 Apr 1992
7.5
0
6 May 1992
6.5
-1
3 Jun 1992
6.5
0
8 Jul 1992
5.75
-0.75
29 Jul 1992
5.75
0
2 Sep 1992
5.75
0
7 Oct 1992
5.75
0
4 Nov 1992
5.75
0
2 Dec 1992
5.75
0
• Cash rate rises in 1992: 0 • Cash rate decreases in 1992: 3 • Cash rate pauses in 1992: 9
1991
Effective Date
Cash rate target (%)
Change % points
6 Feb 1991
12
0
6 Mar 1991
12
0
4 Apr 1991
11.5
-0.5
16 May 1991
10.5
-1
14 Jun 1991
10.5
0
3 Jul 1991
10.5
0
31 Jul 1991
10.5
0
3 Sep 1991
9.5
-1
2 Oct 1991
9.5
0
6 Nov 1991
8.5
-1
4 Dec 1991
8.5
0
• Cash rate rises in 1991: 0 • Cash rate decreases in 1991: 4 • Cash rate pauses in 1991: 7
1990
Effective Date
Cash rate target (%)
Change % points
23 Jan 1990
17.00 to 17.50
-0.50 to -1.00
15 Feb 1990
16.50 to 17.00
-0.5
7 Mar 1990
16.50 to 17.00
0
4 Apr 1990
15.00 to 15.50
-1.00 to -1.50
2 May 1990
15.00 to 15.50
0
6 Jun 1990
15.00 to 15.50
0
4 Jul 1990
15.00 to 15.50
0
2 Aug 1990
14
-1
5 Sep 1990
14
0
15 Oct 1990
13
-1
7 Nov 1990
13
0
18 Dec 1990
12
-1
• Cash rate rises in 1990: 0 • Cash rate decreases in 1990: 5 • Cash rate pauses in 1990: 7
Frequently Asked Questions
What is the RBA Cash Rate?
The RBA cash rate is the benchmark interest rate for the Australian economy. It is the rate at which financial institutions lend and borrow money from each other in the overnight money market, and it is used as a reference point for setting other interest rates in the economy. Read more about the RBA cash rate here.
When does the RBA announce the cash rate?
The RBA cash rate is announced on the first Tuesday of every month, except in January, The announcement is typically made at 2:30 PM Sydney time,
How often does the RBA change the cash rate?
On a monthly basis, the Reserve Bank of Australia (RBA) convenes to assess the cash rate and determine if any adjustments are required. These meetings are scheduled ahead of time, with the precise dates and times announced in advance. Following each meeting, the RBA promptly discloses its decisions to the public.
