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RBA Cash Rate Tracker, Forecasts & Insights
RBA held at 3.60% on 4 Nov 2025; big four now see first cut in 2026. See how rates, housing and bank views affect borrowers, buyers and savers.
Next RBA Meeting for 2025: Tuesday, 9th December 2025
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Cash Rate movements over 15 years
Major Bank Rate Forecasts
At 6 November 2025 the RBA cash rate is 3.60% following a hold on 4 November 2025. The next decision is scheduled for 9 December 2025 at 2:30 pm AEDT. Banks are split on near term moves. CBA now expects no change through 2026. ANZ has pushed its final cut to the first half of 2026. NAB points to May 2026 as the earliest timing for the next 25 bp move, with a gradual path toward around 3.10% by early 2026 in prior material. Westpac’s latest view is that November and December are on hold, with the first easing likely from May 2026. These differences reflect the stickiness in Q3 inflation, a labour market that is easing only gradually, and caution in recent RBA communication that decisions will remain meeting by meeting. [RBA-1][RBA-2][CBA-2][ANZ-1][NAB-1][NAB-2][WBC-1][WBC-2][ABS-1]
| Bank | Next Move Timing | Predicting Cuts or Rises In | Cash Rate Forecast (end-2025 or early-2026) |
|---|---|---|---|
| March 2026 | Cut | 3.35% early-2026 |
| Movement unlikely until mid-2026. | Hold | Rate to hold steady at 3.60% through to mid-2026. |
| May 2026 | Cut | 3.35% from May 2026 |
| May 2026 and August 2026 | Cut | 3.35% from May 2026, dropping to 3.1% in August 2026. |
Per bank quotes
- ANZ: “February seems to be the first plausible month for that easing.” Adam Boyton, Head of Australian Economics, ANZ, 6 October 2025. [ANZ-1]
- Commonwealth Bank: “The economy needs the cash rate to remain in slightly restrictive territory.” Belinda Allen, Head of Australian Economics, CBA, 30 October 2025. [CBA-1]
- NAB: “We now expect the first cash rate cut in May 2026.” Alan Oster, Group Chief Economist, NAB, 23 October 2025. [NAB-1]
- Westpac: “No near term moves seem likely.” Luci Ellis, Chief Economist, Westpac, 4 November 2025. [WBC-1]
What’s Driving the Latest Forecasts?
Inflation and RBA Guidance
The September quarter CPI surprised on the high side, with both headline and trimmed mean inflation at or above 3.0% year on year and described in the November minutes as “materially higher than expected”. While some of the jump reflected temporary items like fuel, travel and council rates, the Board highlighted broader pressure in more persistent categories such as new dwelling costs and market services. Staff have now revised their projections so that underlying inflation is expected to remain above 3% until the second half of 2026, with headline inflation running higher as electricity rebates roll off. The minutes note that the latest forecasts are conditioned on only a very small amount of further easing and that market pricing implies no additional cuts in 2025 and just one 25 basis point move by late 2026. Taken together, this guidance supports the idea that the RBA is in no hurry to move and that any further easing will depend on clear evidence that inflation is tracking back toward the middle of the 2 to 3 per cent band. [ABS-1][RBA-1][RBA-3][CBA-2][ANZ-1]
Labour Market, Wages, Productivity, Growth and Sentiment
The Board devoted a large part of the November discussion to how much spare capacity is really in the economy. Labour market indicators have softened further, with unemployment drifting higher and participation edging down, but the employment to population ratio is still high by historical and international standards. Job vacancies remain elevated, underemployment is low and many firms continue to report difficulty finding workers. At the same time, national accounts measures of average earnings and unit labour costs have been running ahead of the Wage Price Index, pointing to firm cost pressure, while productivity growth remains patchy. The RBA’s central forecast has unemployment hovering around 4½ per cent over the next couple of years, with GDP growth close to its potential rate. Board members stressed that future decisions will hinge on three things: how the recent rise in inflation evolves, how labour market conditions develop from here and whether policy is still judged to be restrictive. Only if the labour market weakens “materially” or GDP growth undershoots because households stay very cautious would they see a clear case for more cuts. [ABS-2][RBA-1][RBA-3][NAB-1][CBA-2]
Housing Pulse
Housing continues to be a key channel through which the current rate setting shows up in the real economy. The minutes note that growth in housing prices and housing credit has picked up over 2025, with investor credit in particular responding quickly to earlier rate cuts. This lines up with recent data showing national home prices rising again in October and low listings keeping competition intense, especially in the capitals. On the funding side, risk premia are low and credit is readily available, which has helped ease financial conditions even as the cash rate itself sits at 3.60%. Economists warn that if the RBA delivers even a small additional easing in 2026 without a lift in new supply, tight rental markets and limited listings could see housing demand and prices re accelerate. For borrowers, this backdrop means that any future rate relief could be offset by higher purchase prices unless supply improves. [PROP-1][RBA-3][WBC-2]
Risks
- Underlying inflation stays above 3% for longer, or productivity underperforms, forcing the RBA to keep the cash rate unchanged through 2026 and limiting the scope for further easing. [ABS-1][RBA-1][RBA-3]
- Stronger than expected global or domestic demand, a faster recovery in household spending or a lift in household wealth could see growth run hotter and prompt more hawkish RBA language, even if the cash rate stays on hold. [WBC-2][CBA-2][ANZ-1]
- A sharper slowdown in jobs growth or softer GDP, if households remain very cautious, could create more slack in the economy and bring forward modest additional easing to support full employment. [RBA-3][NAB-1]
- Renewed housing price acceleration if listings stay scarce, investor demand stays strong and even small policy adjustments in 2026 feed quickly into borrowing capacity. [PROP-1][WBC-2]
Latest Decision: RBA Hold to 3.60%
At its 3 and 4 November 2025 meeting the RBA Board unanimously left the cash rate at 3.60%. In the statement and the minutes, the Bank repeated that decisions will be taken “meeting by meeting”, but the extra detail in the minutes makes it clear that there is only limited scope for further cuts over the next year. Inflation has fallen a long way from its 2022 peak, yet the September quarter outcome was again stronger than expected and staff now see underlying inflation staying above 3% until the second half of 2026. At the same time, labour market conditions have eased but remain a little tight, and the Board judges that overall financial conditions are still slightly restrictive even after 75 basis points of cuts this year. The minutes outline scenarios that could keep the cash rate on hold for an extended period, including stronger than expected demand, a quicker recovery in household spending or a reassessment that policy is no longer very restrictive. By contrast, further easing would only come into play if the labour market weakens materially or GDP growth undershoots as households stay cautious. [RBA-1][RBA-2][RBA-3][ABS-1]
Market pricing used in the November forecasts now assumes no further cuts in 2025 and just one additional 25 basis point move by late 2026, and more than half of surveyed economists expect no extra easing at all over that horizon. Major bank views broadly line up with this picture. CBA argues that the Board can leave policy where it is and still return inflation toward the midpoint over time, ANZ sees room for just one more cut in the first half of 2026, NAB has suggested that Australia is effectively at the end of this easing cycle, while Westpac still sees some scope for modest additional policy support if growth underperforms. For households and borrowers, the key message from the minutes is that the RBA believes it can “afford to be patient”, watching incoming inflation and labour data closely before making any further moves. [CBA-2][ANZ-1][NAB-1][WBC-2]
What This Means for Homeowners and Buyers
Variable-Rate Borrowers
With a hold at 3.60%, lenders are likely to keep most variable rates steady until fresh RBA signals arrive. As a guide, a 25 bp change shifts repayments on a $600,000, 30 year principal and interest loan by roughly $95 per month, assuming standard amortisation. Track your actual rate against the market and watch for any partial or delayed passthrough when cuts eventually arrive. Focus on offset balances, fee waivers, and package discounts that can reduce your effective cost while rates pause. [OTHER-1]
Fixed-Rate Borrowers
Your repayments are unchanged until your fixed term ends. If you are rolling in the next six to twelve months, compare re fix options with transparent comparison rates and check break costs. If banks shift their first cut into 2026, many borrowers maturing in early 2026 may face only modestly lower rates than today. Ask for retention pricing before the revert date and document any fees tied to switching or reducing your fixed balance.
Prospective Buyers
Borrowing capacity is driven by assessment rates, income, and expenses. With policy on hold, capacity will not move materially near term, but competitive pressure can still lift in suburbs with scarce stock. Be prepared to act quickly where listings are limited. Maintain buffers for rate and cost surprises, and keep pre approval current so you can move when the right property appears. [PROP-1]
Refinancers
Use comparison rates to gauge true cost, not just the headline. Check your revert rate if you are coming off a fixed term, since revert rates can sit well above new customer specials. Pricing is increasingly LVR based, with sharper rates below 70 to 80 percent and step ups above that. Weigh application, discharge and valuation fees against any cashback or package benefits, and confirm whether break fees apply on fixed portions.
Savings and Term Deposit Holders
Deposit rates typically stabilise when policy is on hold, but promotional bonuses can change month to month. Check conditions such as monthly deposit hurdles and withdrawal limits. If a first cut is deferred into 2026, savers may retain current rates longer than previously expected. Consider laddering maturities to reduce reinvestment risk. [CBA-2][ANZ-1][NAB-2][WBC-2]
Economic Context
Core inflation is easing but remains above target, while unemployment has drifted higher from its lows. The RBA’s data dependent stance means the track for rates hinges on the next rounds of CPI, WPI and labour force reports. Major banks are broadly aligned that December is likely a hold, with any easing window opening in 2026 if disinflation resumes and the labour market continues to loosen. [ABS-1][ABS-2][RBA-1][CBA-2][ANZ-1][NAB-2][WBC-2]
Government support for small deposits and home buyers
Australian Government 5% Deposit Scheme (national)
The expanded 5% Deposit Scheme is now live nationally. Eligible buyers can purchase a home with as little as a 5% deposit and avoid Lenders Mortgage Insurance, with broader eligibility and participating lenders delivering faster pathways into ownership. Unlimited places and higher price caps from 1 October 2025 are designed to open the door for more households across Australia. Learn more here.
Unlimited places and higher property price caps
From 1 October 2025, the scheme removes place caps and lifts property price thresholds across jurisdictions to better reflect market conditions. This makes it easier for more first home buyers with a small deposit to qualify through participating lenders and secure a suitable home. Learn more here.
Western Australia — Keystart price limits increased
WA has increased Keystart price limits to broaden access to low-deposit lending, helping more buyers qualify for finance in a higher price environment. The update supports first home buyers and key workers, with settings aligned to local market conditions. Learn more here.
Victoria — State tax changes supporting buyers and supply
Victoria’s 2025 tax changes maintain targeted duty settings and concessions that support new supply and improve affordability for eligible buyers. Adjustments to off-the-plan concessions and related measures aim to keep purchase costs in check as projects progress to market. Learn more here.
New South Wales — Pre-sale Finance Guarantee
NSW has launched a Pre-sale Finance Guarantee program that helps eligible apartment projects reach finance more quickly by underwriting a portion of presales. The goal is to accelerate construction starts, add new housing supply, and improve buyer choice over the next several years. Learn more here.
Queensland — First home buyer duty relief on new homes
Queensland provides transfer duty relief for eligible first home buyers purchasing a new home or vacant land to build. The concessions reduce up-front costs at settlement and encourage new dwelling supply. Eligibility and thresholds apply. Learn more here.
Sources (updated 19 Nov 2025 AEST):
RBA
- RBA-1 — Statement by the Monetary Policy Board: Monetary Policy Decision. RBA — 4 Nov 2025. https://www.rba.gov.au/media-releases/2025/mr-25-xx.html
- RBA-2 — Reserve Bank Board 2025 meeting dates. RBA — accessed 6 Nov 2025. https://www.rba.gov.au/schedules-events/board-meetings/2025.html
- RBA-3 - Minutes of the Monetary Policy Board Meeting, 3 and 4 November 2025. RBA, accessed 19 Nov 2025. https://www.rba.gov.au/monetary-policy/rba-board-minutes/2025/2025-11-04.html
ABS/Data
- ABS-1 — Consumer Price Index, Australia, September quarter 2025. ABS — 30 Oct 2025. https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia/latest-release
- ABS-2 — Labour Force, Australia, September 2025. ABS — 16 Oct 2025. https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/latest-release
Major Banks
- ANZ-1 — No rate cut in 2025: ANZ Research. ANZ Institutional Insights — 6 Oct 2025. https://www.anz.com/institutional/insights/articles/2025-10/no-rate-cut-in-2025/
- CBA-1 — Major bank economists rule out November RBA interest rate cut. ABC News quoting Belinda Allen — 30 Oct 2025. https://www.abc.net.au/news/2025-10-30/big-four-banks-expect-no-cash-rate-cut-in-november/105948378
- CBA-2 — RBA holds cash rate at 3.6 per cent: 4 key takeaways. Commonwealth Bank Newsroom — 5 Nov 2025. https://www.commbank.com.au/articles/newsroom/2025/11/rba-holds-cash-rate-november-2025.html
- NAB-1 — The Forward View: Australia. NAB Economics — 23 Oct 2025. https://business.nab.com.au/wp-content/uploads/2025/10/The-Forward-View-Australia-October-2025.pdf
- NAB-2 — FY25 Results Highlights. NAB — 6 Nov 2025. https://www.nab.com.au/content/dam/nabrwd/documents/reports/investor/asx-announcement-fy25-results-summary.pdf
- WBC-1 — Board holds; no near term moves likely. Westpac IQ — 4 Nov 2025. https://www.westpac.com.au/news/in-depth/2025/11/board-holds-interest-rates/
- WBC-2 — Why a November and December rate cut looks unlikely. Westpac IQ — 29 Oct 2025. https://www.westpac.com.au/news/opinions/2025/10/november-rate-cut-unlikely/
Other
- PROP-1 — PropTrack Home Price Index October 2025. PropTrack — 1 Nov 2025. https://www.proptrack.com.au/insights/proptrack-home-price-index/
- OTHER-1 — Mortgage calculator. ASIC Moneysmart — accessed 6 Nov 2025. https://moneysmart.gov.au/home-loans/mortgage-calculator
How Long Does It Take for Lenders to Apply New Rates?
Firstly, it’s important to understand that your lender is not obligated to adjust their interest rates in line with changes to the RBA Cash Rate. While many lenders do follow the RBA’s lead, how and when they do so can vary significantly.
When the RBA Increases the Cash Rate
In the case of rate hikes, lenders are legally required to provide at least 20 days’ notice before increasing your interest rate. This notice must include the following details:
- What your new interest rate will be
- What your new repayment amount will be
- The date the changes will take effect
This requirement is designed to give borrowers time to prepare for the higher repayments and make any necessary financial adjustments.
When the RBA Cuts the Cash Rate
In contrast, there is no obligation for lenders to provide notice when passing on a rate cut. Each lender decides if, when, and how much of the rate cut they will apply. Some may choose to pass on the full cut, others only a portion — and the timing can vary.
For example, following the February 2025 RBA rate cut, effective dates ranged from the same day as the RBA announcement to up to three weeks later. Most lenders applied their announced rate cut approximately two weeks after the RBA decision.
This lack of consistency means it’s important for borrowers to actively monitor their lender’s updates and assess whether they’re getting a fair deal — especially during periods of economic change.
RBA meeting dates for 2025
2025 Reserve Bank Board meetings
- January – No meeting
- 17–18 February
- 31 March–1 April
- 19–20 May
- June – No meeting
- 7–8 July
- 11–12 August
- 29–30 September
- October – No meeting
- 3–4 November
- 8–9 December
What time does the RBA announce the Cash Rate change?
The Reserve Bank Board announces monetary policy decisions, cash rate changes, at ~2.30pm AEDT in a media release after each meeting.What is the RBA Cash Rate?
At its core, the cash rate is the interest rate charged on overnight loans between financial institutions. It’s a powerful lever that the Reserve Bank of Australia (RBA) adjusts to control economic activity, manage inflation, and influence employment rates.A lower cash rate can stimulate spending and investment by making loans cheaper, whereas a higher rate can cool down an overheating economy by making borrowing more expensive.
The history of Australia’s cash rate is a narrative of strategic economic management through diverse global and local challenges. It charts a course through times of boom and bust, revealing how monetary policy has adapted to maintain stability and promote growth.
RBA Rate Tracker – 2025
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-25 | 4.35 | (No RBA Meeting) |
| Feb-25 | 4.1 | -0.25 |
| Mar-25 | 4.1 | - |
| Apr-25 | 4.1 | - |
| May-25 | 3.85 | -0.25 |
| Jun-25 | 3.85 | - |
| Jul-25 | 3.85 | (No RBA Meeting) |
| Aug-25 | 3.60 | -0.25 |
| Sep-25 | 3.6 | - |
| Oct-25 | 3.6 | (No RBA Meeting) |
| Nov-25 | 3.6 | - |
| Dec-25 |
Historical Overview of the Australian Cash Rate
Early Years: The Foundation and Initial Fluctuations
The inception of the cash rate as a tool for monetary policy dates back to the early days of the Reserve Bank of Australia’s establishment in 1960. Initially, the focus was on maintaining currency stability and supporting full employment. However, as the global and domestic economic landscapes evolved, so did the objectives and strategies around the cash rate.
The Turn of the Century: A New Economic Era
The turn of the century marked a period of significant change for Australia’s economy, influenced by both global and domestic factors. The Asian Financial Crisis of the late 1990s, the Dot-com bubble burst, and the Global Financial Crisis (GFC) of 2008–2009 were pivotal events that tested and shaped the RBA cash rate and monetary policies.
2010–2019: Navigating Modern Challenges
Between 2010 and 2019, the Australian economy experienced ongoing challenges, including fluctuating commodity prices and shifts in global trade. During this period, the Reserve Bank took a measured approach to setting the cash rate, aiming to balance inflation targets with growth objectives. This underscored the RBA’s commitment to stabilising the economy despite global headwinds and domestic policy considerations.
2020 to Today: Responding to Unprecedented Disruptions
From 2020 onward, the Australian economy faced unprecedented disruptions, primarily driven by the global COVID-19 pandemic. In response, the RBA introduced additional policy measures and reduced the cash rate to record lows. These actions underscored the flexibility and adaptability of monetary policy in mitigating immediate economic fallout while laying the groundwork for a sustained recovery.
RBA Rate History: 2020-2024
RBA Rate Tracker – 2024
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-24 | 4.35 | - |
| Feb-24 | 4.35 | - |
| Mar-24 | 4.35 | - |
| Apr-24 | 4.35 | (No RBA Meeting) |
| May-24 | 4.35 | - |
| Jun-24 | 4.35 | - |
| Jul-24 | 4.35 | (No RBA Meeting) |
| Aug-24 | 4.35 | - |
| Sep-24 | 4.35 | - |
| Oct-24 | 4.35 | (No RBA Meeting) |
| Nov-24 | 4.35 | - |
| Dec-24 | 4.35 | - |
RBA Cash Rate History: 2020-2024
RBA Rate Tracker – 2023
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-23 | 3.10 | - |
| Feb-23 | 3.35 | 0.25 |
| Mar-23 | 3.6 | 0.25 |
| Apr-23 | 3.6 | - |
| May-23 | 3.85 | 0.25 |
| Jun-23 | 4.1 | 0.25 |
| Jul-23 | 4.1 | - |
| Aug-23 | 4.1 | - |
| Sep-23 | 4.1 | - |
| Oct-23 | 4.1 | - |
| Nov-23 | 4.35 | 0.25 |
| Dec-23 | 4.35 | - |
RBA Cash Rate History: 2020-2024
RBA Rate Tracker – 2022
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-22 | 0.1 | - |
| Feb-22 | 0.1 | - |
| Mar-22 | 0.1 | - |
| Apr-22 | 0.1 | - |
| May-22 | 0.35 | 0.25 |
| Jun-22 | 0.85 | 0.5 |
| Jul-22 | 1.35 | 0.5 |
| Aug-22 | 1.85 | 0.5 |
| Sep-22 | 2.35 | 0.5 |
| Oct-22 | 2.6 | 0.25 |
| Nov-22 | 2.85 | 0.25 |
| Dec-22 | 3.1 | 0.25 |
RBA Cash Rate History: 2020-2024
RBA Rate Tracker – 2021
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-21 | 0.1 | - |
| Feb-21 | 0.1 | - |
| Mar-21 | 0.1 | - |
| Apr-21 | 0.1 | - |
| May-21 | 0.1 | - |
| Jun-21 | 0.1 | - |
| Jul-21 | 0.1 | - |
| Aug-21 | 0.1 | - |
| Sep-21 | 0.1 | - |
| Oct-21 | 0.1 | - |
| Nov-21 | 0.1 | - |
| Dec-21 | 0.1 | - |
RBA Cash Rate History: 2020-2024
RBA Rate Tracker – 2020
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-20 | 0.75 | - |
| Feb-20 | 0.75 | - |
| Mar-20 | 0.5 | -0.25 |
| Mar-20 | 0.25 | -0.25 |
| Apr-20 | 0.25 | - |
| May-20 | 0.25 | - |
| Jun-20 | 0.25 | - |
| Jul-20 | 0.25 | - |
| Aug-20 | 0.25 | - |
| Sep-20 | 0.25 | - |
| Oct-20 | 0.25 | - |
| Nov-20 | 0.1 | -0.15 |
| Dec-20 | 0.1 | - |
RBA Cash Rate History: 2020-2024
RBA Cash Rate History: 2010-2019
Return to topRBA Rate Tracker –2019
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-19 | 1.5 | - |
| Feb-19 | 1.5 | - |
| Mar-19 | 1.5 | - |
| Apr-19 | 1.5 | - |
| May-19 | 1.5 | - |
| Jun-19 | 1.25 | -0.25 |
| Jul-19 | 1 | -0.25 |
| Aug-19 | 1 | - |
| Sep-19 | 1 | - |
| Oct-19 | 0.75 | -0.25 |
| Nov-19 | 0.75 | - |
| Dec-19 | 0.75 | - |
RBA Rate Tracker –2018
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-18 | 1.5 | - |
| Feb-18 | 1.5 | - |
| Mar-18 | 1.5 | - |
| Apr-18 | 1.5 | - |
| May-18 | 1.5 | - |
| Jun-18 | 1.5 | - |
| Jul-18 | 1.5 | - |
| Aug-18 | 1.5 | - |
| Sep-18 | 1.5 | - |
| Oct-18 | 1.5 | - |
| Nov-18 | 1.5 | - |
| Dec-18 | 1.5 | - |
RBA Cash Rate History: 2010-2019
RBA Rate Tracker –2017
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-17 | 1.5 | - |
| Feb-17 | 1.5 | - |
| Mar-17 | 1.5 | - |
| Apr-17 | 1.5 | - |
| May-17 | 1.5 | - |
| Jun-17 | 1.5 | - |
| Jul-17 | 1.5 | - |
| Aug-17 | 1.5 | - |
| Sep-17 | 1.5 | - |
| Oct-17 | 1.5 | - |
| Nov-17 | 1.5 | - |
| Dec-17 | 1.5 | - |
RBA Cash Rate History: 2010-2019
RBA Rate Tracker –2016
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-16 | 2 | - |
| Feb-16 | 2 | - |
| Mar-16 | 2 | - |
| Apr-16 | 2 | - |
| May-16 | 1.75 | -0.25 |
| Jun-16 | 1.75 | - |
| Jul-16 | 1.75 | - |
| Aug-16 | 1.5 | -0.25 |
| Sep-16 | 1.5 | - |
| Oct-16 | 1.5 | - |
| Nov-16 | 1.5 | - |
| Dec-16 | 1.5 | - |
RBA Cash Rate History: 2010-2019
RBA Rate Tracker –2015
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-15 | 2 | - |
| Feb-15 | 2.25 | -0.25 |
| Mar-15 | 2.25 | - |
| Apr-15 | 2.25 | - |
| May-15 | 2 | -0.25 |
| Jun-15 | 2 | - |
| Jul-15 | 2 | - |
| Aug-15 | 2 | - |
| Sep-15 | 2 | - |
| Oct-15 | 2 | - |
| Nov-15 | 2 | - |
| Dec-15 | 2 | - |
RBA Cash Rate History: 2010-2019
RBA Rate Tracker –2014
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-14 | 2.5 | - |
| Feb-14 | 2.5 | - |
| Mar-14 | 2.5 | - |
| Apr-14 | 2.5 | - |
| May-14 | 2.5 | - |
| Jun-14 | 2.5 | - |
| Jul-14 | 2.5 | - |
| Aug-14 | 2.5 | - |
| Sep-14 | 2.5 | - |
| Oct-14 | 2.5 | - |
| Nov-14 | 2.5 | - |
| Dec-14 | 2.5 | - |
RBA Cash Rate History: 2010-2019
RBA Rate Tracker –2013
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-13 | 3 | - |
| Feb-13 | 3 | - |
| Mar-13 | 3 | - |
| Apr-13 | 3 | - |
| May-13 | 2.75 | -0.25 |
| Jun-13 | 2.75 | - |
| Jul-13 | 2.75 | - |
| Aug-13 | 2.5 | -0.25 |
| Sep-13 | 2.5 | - |
| Oct-13 | 2.5 | - |
| Nov-13 | 2.5 | - |
| Dec-13 | 2.5 | - |
RBA Cash Rate History: 2010-2019
RBA Rate Tracker –2012
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-12 | 4.25 | - |
| Feb-12 | 4.25 | - |
| Mar-12 | 4.25 | - |
| Apr-12 | 4.25 | - |
| May-12 | 3.75 | -0.5 |
| Jun-12 | 3.5 | -0.25 |
| Jul-12 | 3.5 | - |
| Aug-12 | 3.5 | - |
| Sep-12 | 3.5 | - |
| Oct-12 | 3.25 | -0.25 |
| Nov-12 | 3.25 | - |
| Dec-12 | 3 | -0.25 |
RBA Cash Rate History: 2010-2019
RBA Rate Tracker –2011
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-11 | 4.75 | - |
| Feb-11 | 4.75 | - |
| Mar-11 | 4.75 | - |
| Apr-11 | 4.75 | - |
| May-11 | 4.75 | - |
| Jun-11 | 4.75 | - |
| Jul-11 | 4.75 | - |
| Aug-11 | 4.75 | - |
| Sep-11 | 4.75 | - |
| Oct-11 | 4.75 | - |
| Nov-11 | 4.5 | -0.25 |
| Dec-11 | 4.25 | -0.25 |
RBA Cash Rate History: 2010-2019
RBA Rate Tracker –2010
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-10 | 3.75 | - |
| Feb-10 | 3.75 | - |
| Mar-10 | 4 | 0.25 |
| Apr-10 | 4.25 | 0.25 |
| May-10 | 4.5 | 0.25 |
| Jun-10 | 4.5 | - |
| Jul-10 | 4.5 | - |
| Aug-10 | 4.5 | - |
| Sep-10 | 4.5 | - |
| Oct-10 | 4.5 | - |
| Nov-10 | 4.75 | 0.25 |
| Dec-10 | 4.75 | - |
The 2000s: Stability and Growth
The early 2000s were characterised by economic stability and growth, but the GFC presented unprecedented challenges. Australia's cash rate saw significant adjustments as the RBA aimed to shield the economy from the worst impacts of the crisis.
RBA Cash Rate History: 2000-2009
Return to topRBA Rate Tracker – 2009
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-09 | 4.25 | - |
| Feb-09 | 3.25 | -1 |
| Mar-09 | 3.25 | - |
| Apr-09 | 3 | -0.25 |
| May-09 | 3 | - |
| Jun-09 | 3 | - |
| Jul-09 | 3 | - |
| Aug-09 | 3 | - |
| Sep-09 | 3 | - |
| Oct-09 | 3.25 | 0.25 |
| Nov-09 | 3.5 | 0.25 |
| Dec-09 | 3.75 | 0.25 |
RBA Cash Rate History: 2000-2009
RBA Rate Tracker – 2008
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-08 | 6.75 | - |
| Feb-08 | 7 | 0.25 |
| Mar-08 | 7.25 | 0.25 |
| Apr-08 | 7.25 | - |
| May-08 | 7.25 | - |
| Jun-08 | 7.25 | - |
| Jul-08 | 7.25 | - |
| Aug-08 | 7.25 | - |
| Sep-08 | 7 | -0.25 |
| Oct-08 | 6 | -1 |
| Nov-08 | 5.25 | -0.75 |
| Dec-08 | 4.25 | -1 |
RBA Cash Rate History: 2000-2009
RBA Rate Tracker – 2007
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-07 | 6.25 | - |
| Feb-07 | 6.25 | - |
| Mar-07 | 6.25 | - |
| Apr-07 | 6.25 | - |
| May-07 | 6.25 | - |
| Jun-07 | 6.25 | - |
| Jul-07 | 6.25 | - |
| Aug-07 | 6.5 | 0.25 |
| Sep-07 | 6.5 | - |
| Oct-07 | 6.5 | - |
| Nov-07 | 6.75 | 0.25 |
| Dec-07 | 6.75 | - |
RBA Cash Rate History: 2000-2009
RBA Rate Tracker – 2006
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-06 | 5.5 | - |
| Feb-06 | 5.5 | - |
| Mar-06 | 5.5 | - |
| Apr-06 | 5.5 | - |
| May-06 | 5.75 | 0.25 |
| Jun-06 | 5.75 | - |
| Jul-06 | 5.75 | - |
| Aug-06 | 6 | 0.25 |
| Sep-06 | 6 | - |
| Oct-06 | 6 | - |
| Nov-06 | 6.25 | 0.25 |
| Dec-06 | 6.25 | - |
RBA Cash Rate History: 2000-2009
RBA Rate Tracker – 2005
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-05 | 5.25 | - |
| Feb-05 | 5.25 | - |
| Mar-05 | 5.5 | 0.25 |
| Apr-05 | 5.5 | - |
| May-05 | 5.5 | - |
| Jun-05 | 5.5 | - |
| Jul-05 | 5.5 | - |
| Aug-05 | 5.5 | - |
| Sep-05 | 5.5 | - |
| Oct-05 | 5.5 | - |
| Nov-05 | 5.5 | - |
| Dec-05 | 5.5 | - |
RBA Cash Rate History: 2000-2009
RBA Rate Tracker – 2004
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-04 | 5.25 | - |
| Feb-04 | 5.25 | - |
| Mar-04 | 5.25 | - |
| Apr-04 | 5.25 | - |
| May-04 | 5.25 | - |
| Jun-04 | 5.25 | - |
| Jul-04 | 5.25 | - |
| Aug-04 | 5.25 | - |
| Sep-04 | 5.25 | - |
| Oct-04 | 5.25 | - |
| Nov-04 | 5.25 | - |
| Dec-04 | 5.25 | - |
RBA Cash Rate History: 2000-2009
RBA Rate Tracker – 2003
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-03 | 4.75 | - |
| Feb-03 | 4.75 | - |
| Mar-03 | 4.75 | - |
| Apr-03 | 4.75 | - |
| May-03 | 4.75 | - |
| Jun-03 | 4.75 | - |
| Jul-03 | 4.75 | - |
| Aug-03 | 4.75 | - |
| Sep-03 | 4.75 | - |
| Oct-03 | 4.75 | - |
| Nov-03 | 5 | 0.25 |
| Dec-03 | 5.25 | 0.25 |
RBA Cash Rate History: 2000-2009
RBA Rate Tracker – 2002
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-02 | 4.25 | - |
| Feb-02 | 4.25 | - |
| Mar-02 | 4.25 | - |
| Apr-02 | 4.25 | - |
| May-02 | 4.5 | 0.25 |
| Jun-02 | 4.75 | 0.25 |
| Jul-02 | 4.75 | - |
| Aug-02 | 4.75 | - |
| Sep-02 | 4.75 | - |
| Oct-02 | 4.75 | - |
| Nov-02 | 4.75 | - |
| Dec-02 | 4.75 | - |
RBA Cash Rate History: 2000-2009
RBA Rate Tracker – 2001
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-01 | 6.25 | - |
| Feb-01 | 5.75 | -0.5 |
| Mar-01 | 5.5 | -0.25 |
| Apr-01 | 5 | -0.5 |
| May-01 | 5 | - |
| Jun-01 | 5 | - |
| Jul-01 | 5 | - |
| Aug-01 | 5 | - |
| Sep-01 | 4.75 | -0.25 |
| Oct-01 | 4.5 | -0.25 |
| Nov-01 | 4.5 | - |
| Dec-01 | 4.25 | -0.25 |
RBA Cash Rate History: 2000-2009
RBA Rate Tracker – 2000
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-00 | 5 | - |
| Feb-00 | 5.5 | 0.5 |
| Mar-00 | 5.5 | - |
| Apr-00 | 5.75 | 0.25 |
| May-00 | 6 | 0.25 |
| Jun-00 | 6 | - |
| Jul-00 | 6 | - |
| Aug-00 | 6.25 | 0.25 |
| Sep-00 | 6.25 | - |
| Oct-00 | 6.25 | - |
| Nov-00 | 6.25 | - |
| Dec-00 | 6.25 | - |
The 1990s: Economic Reforms and Challenges
This decade was marked by considerable economic reforms, including the floating of the Australian dollar and the deregulation of the financial system. These changes laid the groundwork for a more open and flexible economy but also introduced new challenges, especially during the Asian Financial Crisis.
RBA Cash Rate History: 1990-1999
Return to topRBA Rate Tracker – 1999
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-99 | 4.75 | - |
| Feb-99 | 4.75 | - |
| Mar-99 | 4.75 | - |
| Apr-99 | 4.75 | - |
| May-99 | 4.75 | - |
| Jun-99 | 4.75 | - |
| Jul-99 | 4.75 | - |
| Aug-99 | 4.75 | - |
| Sep-99 | 4.75 | - |
| Oct-99 | 4.75 | - |
| Nov-99 | 5 | 0.25 |
| Dec-99 | 5 | - |
RBA Cash Rate History: 1990-1999
RBA Rate Tracker – 1998
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-98 | 0.05 | - |
| Feb-98 | 0.05 | - |
| Mar-98 | 5 | - |
| Apr-98 | 5 | - |
| May-98 | 5 | - |
| Jun-98 | 5 | - |
| Jul-98 | 5 | - |
| Aug-98 | 5 | - |
| Sep-98 | 5 | - |
| Oct-98 | 5 | - |
| Nov-98 | 5 | - |
| Dec-98 | 4.75 | -0.25 |
RBA Cash Rate History: 1990-1999
RBA Rate Tracker – 1997
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-97 | 6 | - |
| Feb-97 | 6 | - |
| Mar-97 | 6 | - |
| Apr-97 | 6 | - |
| May-97 | 6 | - |
| May-97 | 5.5 | -0.5 |
| Jun-97 | 5.5 | - |
| Jul-97 | 5.5 | - |
| Jul-97 | 5 | -0.5 |
| Aug-97 | 5 | - |
| Sep-97 | 5 | - |
| Oct-97 | 5 | - |
| Nov-97 | 5 | - |
| Dec-97 | 5 | - |
RBA Cash Rate History: 1990-1999
RBA Rate Tracker – 1996
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-96 | 7.5 | - |
| Feb-96 | 7.5 | - |
| Mar-96 | 7.5 | - |
| Apr-96 | 7.5 | - |
| May-96 | 7.5 | - |
| Jun-96 | 7.5 | - |
| Jul-96 | 7.5 | - |
| Jul-96 | 7 | -0.5 |
| Sep-96 | 7 | - |
| Oct-96 | 7 | - |
| Nov-96 | 6.5 | -0.5 |
| Dec-96 | 6 | -0.5 |
RBA Cash Rate History: 1990-1999
RBA Rate Tracker – 1995
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-95 | 7.5 | - |
| Feb-95 | 7.5 | - |
| Mar-95 | 7.5 | - |
| Apr-95 | 7.5 | - |
| May-95 | 7.5 | - |
| Jun-95 | 7.5 | - |
| Jul-95 | 7.5 | - |
| Jul-95 | 7.5 | - |
| Sep-95 | 7.5 | - |
| Oct-95 | 7.5 | - |
| Nov-95 | 7.5 | - |
| Dec-95 | 7.5 | - |
RBA Cash Rate History: 1990-1999
RBA Rate Tracker – 1994
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-94 | 4.75 | - |
| Feb-94 | 4.75 | - |
| Mar-94 | 4.75 | - |
| Mar-94 | 4.75 | - |
| May-94 | 4.75 | - |
| Jun-94 | 4.75 | - |
| Jul-94 | 4.75 | - |
| Jul-94 | 4.75 | - |
| Aug-94 | 5.5 | 0.75 |
| Sep-94 | 5.5 | - |
| Oct-94 | 6.5 | 1 |
| Nov-94 | 6.5 | - |
| Dec-94 | 7.5 | 1 |
RBA Cash Rate History: 1990-1999
RBA Rate Tracker – 1993
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-93 | 5.75 | - |
| Feb-93 | 5.75 | - |
| Mar-93 | 5.25 | -0.5 |
| Apr-93 | 5.25 | - |
| May-93 | 5.25 | - |
| Jun-93 | 5.25 | - |
| Jul-93 | 5.25 | - |
| Jul-93 | 4.75 | -0.5 |
| Sep-93 | 4.75 | - |
| Oct-93 | 4.75 | - |
| Nov-93 | 4.75 | - |
| Dec-93 | 4.75 | - |
RBA Cash Rate History: 1990-1999
RBA Rate Tracker – 1992
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-92 | 7.5 | -1 |
| Feb-92 | 7.5 | - |
| Mar-92 | 7.5 | - |
| Apr-92 | 7.5 | - |
| May-92 | 6.5 | -1 |
| Jun-92 | 6.5 | - |
| Jul-92 | 5.75 | -0.75 |
| Jul-92 | 5.75 | - |
| Sep-92 | 5.75 | - |
| Oct-92 | 5.75 | - |
| Nov-92 | 5.75 | - |
| Dec-92 | 5.75 | - |
RBA Cash Rate History: 1990-1999
RBA Rate Tracker – 1991
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-91 | 12 | - |
| Feb-91 | 12 | - |
| Mar-91 | 12 | - |
| Apr-91 | 11.5 | -0.5 |
| May-91 | 10.5 | -1 |
| Jun-91 | 10.5 | - |
| Jul-91 | 10.5 | - |
| Jul-91 | 10.5 | - |
| Sep-91 | 9.5 | -1 |
| Oct-91 | 9.5 | - |
| Nov-91 | 8.5 | -1 |
| Dec-91 | 8.5 | - |
RBA Cash Rate History: 1990-1999
RBA Rate Tracker – 1990
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-90 | 17 | -0.5 |
| Feb-90 | 16.5 | -0.5 |
| Mar-90 | 16.5 | - |
| Apr-90 | 15 | -1.5 |
| May-90 | 15 | - |
| Jun-90 | 15 | - |
| Jul-90 | 15 | - |
| Aug-90 | 14 | -1 |
| Sep-90 | 14 | - |
| Oct-90 | 13 | -1 |
| Nov-90 | 13 | - |
| Dec-90 | 12 | -1 |
Factors Influencing Changes in the Cash Rate
Changes in the cash rate are influenced by a variety of factors, including inflation, economic growth, and global economic conditions. The RBA cash rate decisions are aimed at achieving a balance that supports sustainable growth while keeping inflation within target ranges.
The Future of Australia's Cash Rate
Predicting the future direction of the cash rate involves considering current economic indicators, expert forecasts, and global economic trends. While uncertainty is a constant in economic forecasting, understanding the historical context can provide valuable insights into potential future movements.
Conclusion
The historical journey of Australia's cash rate is more than a series of numbers; it's a reflection of the nation's economic resilience and the strategic foresight of its policymakers. As we look towards the future, this history serves as a reminder of the importance of adaptability, sound economic management, and the role of informed policy decisions in navigating the complexities of the global economy.
Disclaimer: The opinions expressed in this article are strictly for general informational and entertainment purposes only and should not be taken as financial advice or recommendations.
Written By
The Craggle Team