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RBA Cash Rate Tracker: Dates and Forecasts
Track the RBA cash rate, meeting dates and big bank forecasts. See what it could mean for your home loan rate.
Next RBA Meeting for 2026: Tuesday, 17th March 2026
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Cash Rate movements over 15 years
Major Bank Rate Forecasts
As at 5 February 2026 (Sydney time), the Reserve Bank of Australia lifted the cash rate target by 25 basis points on 3 February 2026, taking the cash rate to 3.85% [ABC-1]. The next cash rate decision is scheduled for 17 March 2026, following the Board meeting on 16 and 17 March 2026, with decisions typically announced at 2:30 pm (Sydney time) [RBA-2].
After the February 2026 hike, the Big Four banks have become more aligned on the risk of another increase, but they still don’t fully agree on whether it is locked in. NAB, CBA and Westpac now expect an additional 25 bp hike in May 2026, which would take the cash rate to 4.10% [CBA-2][WBC-2]. ANZ remains the outlier, keeping the February move as its base-case peak and arguing inflation could surprise on the downside, even while acknowledging risks are skewed to another hike [ANZ-2]. For borrowers, the key takeaway is that the cash rate is now 3.85%, and the near-term debate has shifted from “one-and-done” to “is May next?” [ABC-1][CBA-2][WBC-2].
| Bank | Next Move Timing | What they expect next | Cash Rate Forecast (2026 outlook) |
|---|---|---|---|
| ANZ | May 2026 (possible, but not expected) | No change expected; May is the key risk | Expects no further rises in 2026; however flags a possible increase in May |
| Commonwealth Bank | May 2026 (expected) | Rise expected in May (25 bp) | Expects a rise to 4.10% in May |
| NAB | May 2026 (expected) | Rise expected in May (25 bp) | Expects a rise to 4.10% in May; warns further rises are possible if inflation stays stubborn |
| Westpac | May 2026 (expected) | Rise expected in May (25 bp) | Expects a rise to 4.10% in May |
Per bank quotes
- ANZ: Adam Boyton, Head of Australian Economics, ANZ: expects the RBA to be “(marginally) pleasantly surprised on the inflation front”, keeping February as the only move in its base case [ANZ-2].
- Commonwealth Bank: CBA Economics: a “second hike [is] likely in May”, taking the cash rate to 4.10% [CBA-2].
- NAB: NAB: continues to expect another 25 bp increase in May, with risks biased to more tightening than that [NAB-2].
- Westpac: Luci Ellis, Chief Economist, Westpac: the RBA looks “primed” to raise rates again, with May the likely next step [WBC-2].
What’s Driving the Latest Forecasts?
Inflation and RBA Guidance
Inflation has cooled from its earlier peak, but the recent turn has been uncomfortable for policymakers. The ABS monthly CPI indicator showed headline inflation running at 3.8% over the year to December 2025, with trimmed mean inflation at 3.3% [ABS-1]. In its 3 February 2026 decision statement, the RBA explicitly noted inflation “picked up materially in the second half of 2025” and judged that some of that reflects stronger capacity pressures [RBA-1]. The February 2026 Statement on Monetary Policy (in brief) reinforced that the Bank is watching whether demand is growing faster than supply capacity and how persistent inflation proves to be [RBA-4]. This is why the guidance has shifted from “wait and see” toward a firmer bias: the RBA is signalling it will respond if the data suggests inflation is likely to remain above target for longer than acceptable [RBA-1][RBA-4].
Labour Market, Wages, Productivity Growth and Sentiment
The labour market remains a key reason forecasts are less dovish than they looked a few months ago. The ABS reported that employment rose by 65,200 in December 2025, while the unemployment rate fell to 4.1% (seasonally adjusted) [ABS-2]. In the February 2026 decision statement, the RBA said labour market conditions remain “a little tight”, underutilisation is low, and that broader measures of wages growth remain strong even as the Wage Price Index growth has eased from its peak [RBA-1]. That combination matters for rates because strong jobs and wage momentum can keep services inflation sticky, especially if productivity does not improve. With demand momentum also described as stronger than expected, the RBA is effectively saying the economy may still be running too hot for comfort [RBA-1][ABS-2].
Housing Pulse
Housing is back in focus because it is both a transmission channel and, increasingly, a source of demand momentum. The RBA highlighted that activity and prices in the housing market are “continuing to pick up”, alongside stronger private demand and easier financial conditions through 2025 [RBA-1]. Recent price data points in the same direction, with national prices continuing to rise, supported by tight listings and strong competition in many capital city markets [PROP-1]. When housing prices and turnover lift, it can add to household spending via wealth effects and increase construction-related demand over time. That does not automatically mean more hikes, but it does raise the bar for early rate cuts. The central risk for buyers is that even small shifts in rates can quickly translate into more competition when listings are limited [RBA-1][PROP-1].
Risks
- Inflation proves more persistent than expected, keeping trimmed mean inflation above comfort levels and delaying any easing window [ABS-1][RBA-1].
- Private demand stays stronger than expected, adding to capacity pressures and requiring policy to remain restrictive for longer [RBA-1][RBA-4].
- Housing price momentum accelerates further on tight listings, lifting demand and reinforcing the Bank’s concern about financial conditions easing [RBA-1][PROP-1].
- Global growth surprises to the upside, sustaining demand and reducing disinflation benefits from abroad [RBA-1].
Latest Decision: RBA Hike to 3.85%
At its meeting on 3 February 2026, the RBA increased the cash rate target by 25 basis points to 3.85% and said the decision was unanimous [RBA-1]. The statement makes the motivation clear: inflation “picked up materially in the second half of 2025”, the Bank judges capacity pressures are stronger than previously assessed, and it expects inflation to remain above target “for some time” [RBA-1]. The RBA also pointed to stronger-than-expected momentum in private demand, continued improvement in housing market activity and prices, and the possibility that financial conditions may not be as restrictive as assumed after easing through 2025 [RBA-1].
The short, practical message is that the RBA is back in active control of inflation risk and will not rely on hope. Its key forward-looking line is that “The Board will be attentive to the data”, and it specifically flagged trends in domestic demand, inflation and the labour market as critical inputs [RBA-1]. The next cash rate decision is scheduled for 17 March 2026 (Sydney time), following the 16 and 17 March 2026 Board meeting [RBA-2][RBA-3]. The February 2026 Statement on Monetary Policy (in brief) provides the updated context behind the decision, including the Bank’s assessment of why demand has surprised to the upside and how that feeds into inflation risks [RBA-4].
What This Means for Homeowners and Buyers
Variable-Rate Borrowers
A 25 basis point move matters most if it flows through quickly and fully to your actual rate. As a guide, if a variable mortgage rate moved from 5.52% to 5.77% (a 25 bp change), repayments on a $600,000, 30-year principal and interest loan increase by about $95 per month under standard amortisation [RATE-1][RATE-2][ASIC-1]. Lenders’ timing can vary, so the key is to track your effective rate (including discounts) rather than the headline. Practical levers during a higher-rate phase include boosting offset balances, checking whether your discount has expired, and confirming any package fees are still worth paying [ASIC-1].
Fixed-Rate Borrowers
If you are fixed, nothing changes until your fixed term ends, but the path from here can shape what you roll onto next. A higher cash rate can keep funding costs elevated, which may limit how quickly new fixed rates fall even if markets later price cuts. If your fixed term ends within the next 3 to 12 months, compare the post-fixed revert rate with both refix offers and competitive variable options, and check how long any “special” pricing lasts. Where you have a split loan, be clear on what portion will reprice and whether break costs apply to any early changes [ASIC-1].
Prospective Buyers
Borrowing capacity is driven by your income, expenses and lenders’ assessment rules, not just the headline cash rate. Higher rates can reduce serviceability, and that effect can be amplified if lenders maintain strong assessment buffers. In practice, this means pre-approvals can move even when your circumstances have not changed, especially if a lender updates its pricing or assessment settings. On the property side, limited listings can keep competition intense even in a higher-rate environment, so price outcomes can remain resilient in tightly held suburbs. If you are buying, the most practical step is keeping documentation current so you can move quickly when stock is scarce [PROP-1][RBA-1].
Refinancers
In a rising-rate phase, repricing and discount changes can widen gaps between borrowers, so it pays to re-test the market. Use comparison rates to pressure-test the true cost of a loan, not just the headline rate, and pay close attention to revert rates if you are coming off a fixed period. Many lenders price by risk and loan features, so LVR-based pricing, offset inclusions, and basic versus package structures can shift your “best” option. Also quantify fees: discharge costs, application fees, valuation fees and, where relevant, break fees. A refinance that looks attractive on rate can be undermined by short-term specials that later revert higher [ASIC-1].
Savings and Term Deposit Holders
Higher cash rates can support deposit pricing, but the pass-through is rarely uniform. Banks often reserve their best offers for new money or limited-time campaigns, and many bonus saver accounts require monthly deposits and strict withdrawal rules. If you are relying on interest income, consider the reinvestment risk: term deposit rates can shift quickly as funding conditions change, so staggering maturities can reduce the chance of reinvesting everything at an unfavourable time. It is also worth checking whether “headline” deposit rates are contingent on conditions you can realistically meet [RBA-1].
Economic Context
The RBA’s February 2026 decision highlights a classic tension: inflation is lower than it was, but demand has been stronger than expected and capacity pressures appear to be building again [RBA-1][RBA-4]. Recent data shows inflation still above target and the labour market still tight enough to keep wage and cost pressure in play, with unemployment at 4.1% in December 2025 [ABS-1][ABS-2]. Housing conditions matter because rising prices can support spending and confidence, while tight supply can intensify competition even when rates are higher [PROP-1][RBA-1]. That is why the near-term debate is not just “cuts or hikes”, but whether the economy is cooling fast enough to bring inflation back to target without further restraint [RBA-1].
Recent Policy Changes
- National - Home Guarantee Scheme expanded (unlimited places, higher property price caps, removed income limits for eligible first home buyers) - 1 October 2025 - likely impact: broader eligibility for low-deposit buyers, which can lift demand at the margin in constrained listing markets [POL-1].
Sources (updated 03 Feb 2026 AEST):
RBA
- RBA-1 — Statement by the Monetary Policy Board: Monetary Policy Decision. RBA — 3 Feb 2026. https://www.rba.gov.au/media-releases/2026/mr-26-03.html
- RBA-2 — Reserve Bank Board 2026 meeting dates. RBA — accessed 3 Feb 2026. https://www.rba.gov.au/schedules-events/board-meetings/2026.html
- RBA-3 — Cash rate target: information and decision time. RBA — accessed 3 Feb 2026. https://www.rba.gov.au/monetary-policy/cash-rate-target.html
- RBA-4 — Statement on Monetary Policy in brief: February 2026. RBA — 3 Feb 2026. https://www.rba.gov.au/publications/smp/2026/feb/in-brief.html
ABS/Data
- ABS-1 — Monthly Consumer Price Index indicator, December 2025. ABS — 29 Jan 2026. https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/monthly-consumer-price-index-indicator/dec-2025
- ABS-2 — Labour Force, Australia, December 2025. ABS — 22 Jan 2026. https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/dec-2025
- PROP-1 — PropTrack Home Price Index: January 2026. PropTrack — 1 Feb 2026. https://www.proptrack.com.au/insights/proptrack-home-price-index/
Major Banks
- CBA-1 — What the CPI means for rates: why the RBA may hike next week. Commonwealth Bank Newsroom — 28 Jan 2026. https://www.commbank.com.au/articles/newsroom/2026/01/what-cpi-means-for-rates.html
- WBC-1 — Westpac calls Feb rate hike and long pause. Westpac IQ — 28 Jan 2026. https://www.westpac.com.au/news/in-depth/2026/01/westpac-calls-feb-rate-hike-and-long-pause/
- NAB-1 — Big 4 banks predict RBA hike as it ramps up fight against inflation. Canstar — 3 Feb 2026. https://www.canstar.com.au/home-loans/big-4-banks-predict-rba-hike-as-it-ramps-up-fight-against-inflation/
- ANZ-1 — Australia’s main banks forecast first RBA rate hike since 2023. Capital Brief — 2 Feb 2026. https://www.capitalbrief.com/article/australias-main-banks-forecast-first-rba-rate-hike-since-2023-4f8c1ce3-71b4-4818-b37a-8004d632e71d/preview/
Government/Policy
- POL-1 — Expanded Australian Government 5% Deposit Scheme to support more Australians into home ownership. Housing Australia — 1 Oct 2025. https://www.housingaustralia.gov.au/media/expanded-australian-government-5-deposit-scheme-support-more-australians-home-ownership
Other
- RATE-1 — Average variable home loan rates (context for borrower impacts). realestate.com.au — 23 Jan 2026. https://www.realestate.com.au/news/the-rba-has-one-last-hurdle-to-clear-before-home-loan-rates-fall/
- RATE-2 — Average variable rate estimate after a 25 bp move. Canstar — 3 Feb 2026. https://www.canstar.com.au/home-loans/big-4-banks-predict-rba-hike-as-it-ramps-up-fight-against-inflation/
- ASIC-1 — Mortgage calculator methodology (standard amortisation). ASIC Moneysmart — accessed 3 Feb 2026. 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 2026
2025 Reserve Bank Board meetings
- January – No meeting
- 2-3 February
- 16-17 March
- April – No meeting
- 4-5 May
- 15-16 June
- July – No meeting
- 10-11 August
- 28-29 September
- October – No meeting
- 2-3 November
- 7-8 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 – 2026
| Effective Date | Cash Rate (%) | Change % points |
|---|---|---|
| Jan-25 | 3.6 | (No RBA Meeting) |
| Feb-25 | 3.85 | 0.25 |
| Mar-25 | ||
| Apr-25 | (No RBA Meeting) | |
| May-25 | ||
| Jun-25 | ||
| Jul-25 | (No RBA Meeting) | |
| Aug-26 | ||
| Sep-26 | ||
| Oct-26 | (No RBA Meeting) | |
| Nov-26 | ||
| Dec-26 |
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: 2020-2025
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 | 3.6 | - |
RBA Cash Rate History: 2020-2025
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: 2020-2025
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: 2020-2025
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: 2020-2025
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: 2020-2025
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: 2020-2025
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