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RBA Cash Rate Tracker, Forecasts & Insights
Latest RBA and Big Four forecasts as at 25 Sep 2025, plus practical impacts for borrowers, buyers and savers, with sources and policy changes.
Next RBA Meeting for 2025: Tuesday, 30th September 2025
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Cash Rate movements over 15 years
Major Bank Rate Forecasts
At 25 September 2025 the cash rate is 3.60% following the 25 bp cut on 12 August 2025. The next decision is scheduled for Tuesday 30 September 2025 at 2:30 pm AEST. Banks remain broadly aligned on at least one further cut by year end, but differ on the path into early 2026. CBA still pencils in November to 3.35%, while noting firmer August CPI has made it a line-ball call. NAB’s latest monthly outlook continues to flag November and February moves, settling near 3.1% in early 2026. Westpac sees the risks as more two-sided but retains a bias to further easing. ANZ has not published a fresh forecast in the last 21 days, with its last public update pointing to a final 2025 cut to 3.35%. Taken together, market pricing and bank commentary lean to a hold in September, then a possible reduction in November if the disinflation trend holds. [RBA-1][CBA-1][NAB-1][WBC-2][ANZ-1]
Major bank economist reactions:
- ANZ — “One more 25 bp cut in November, then hold.” Adam Boyton, Head of Australian Economics, ANZ, 15 August 2025. [ANZ-1]
- CBA — “We still expect the RBA to cut in November, but it is not a done deal.” Harry Ottley, Economist, CBA, 24 September 2025. [CBA-1]
- NAB — “We continue to expect 25 bp cuts in November and February, for a terminal rate of 3.1% in early 2026.” Alan Oster, Group Chief Economist, NAB, 18 September 2025. [NAB-1]
- Westpac — “Risks have tilted from favouring the downside towards something more two-sided.” Luci Ellis, Chief Economist, Westpac, 12 September 2025. [WBC-1]
| Bank | Projected decision | Predicting Cuts In | Cash Rate Forecast |
|---|---|---|---|
| November, 0.25% Cut | November | 3.35% by End-2025 |
| November, 0.25% Cut | November | 3.35% by End-2025 |
| November, 0.25% Cut | November, February 2026 | 3.10% by early 2026 |
| November, 0.25% Cut | November | 3.35% by End-2025 |
- ANZ: Final cut in November to bring cash rate to 3.35% by end-2025.
- Commonwealth Bank (CBA): Final cut in November to bring cash rate to 3.35% by end-2025.
- National Australia Bank (NAB): One rate cut in November to bring cash rate to 3.35% by end-2025, with a further cut early 2026 bringing the cash rate down to 3.1%.
- Westpac: Final cut in November to bring cash rate to 3.35% by end-2025.
What’s Driving the Latest Forecasts?
Global Trade Tensions & External Growth
Recent tariff moves and policy uncertainty abroad are weighing on global demand and business confidence. The Reserve Bank of Australia (RBA) notes that while the most extreme outcomes now look less likely, trade policy developments are still expected to have an adverse effect on global activity. This global drag feeds into Australia’s outlook and supports a cautious, data‑dependent easing path.
Easing Inflation
Headline inflation slowed to 2.1% y/y in the June quarter, with the trimmed mean at 2.7% y/y. The RBA’s August statement said: Inflation has continued to moderate
and that underlying inflation is expected to move around the midpoint of the 2–3% range
under a gradual easing path. This cooling in prices has created room for the Board to cut the cash rate to 3.60% in August.
Labour Market Cooling, Productivity Constraints
The unemployment rate edged up to 4.3% (June), with the RBA noting conditions have eased further even if some measures remain tight. Wages growth has come off its peak and the Bank continues to flag weak productivity, which keeps unit labour costs elevated. The latest outlook assumes productivity growth near 0.7% p.a. and potential growth around 2%, tempering how fast policy can ease.
Weak Growth & Cautious Sentiment
The RBA downgraded its 2025 GDP forecast to ~1.7%, reflecting softer private demand and mixed business conditions. Commonwealth Bank economists said the Board looks comfortable with the current inflation outlook and the pace of easing
, expecting another 25 bp cut in November if data remain supportive.
Housing & Pre‑Approvals
Lower rates are lifting enquiry and pre‑approval activity, though economists warn against extrapolating near‑term moves. With easing biased but data‑dependent, housing demand is likely to firm gradually as borrowing costs fall, while the RBA watches for any re‑acceleration in prices.
RBA Guidance: Cautious and Data‑Dependent
The August decision was unanimous. The Board emphasised that uncertainty is still elevated and reiterated a meeting‑by‑meeting approach. It will closely track inflation, wages, labour market slack and external risks before deciding on further easing.
Key Risks Ahead
- Over‑correction: Easing too quickly could risk re‑heating demand before productivity improves.
- Sticky services inflation: If unit labour costs stay high, underlying inflation could prove more persistent.
- Global uncertainty: Trade policy and weaker external growth could rapidly reshape the path for demand and inflation.
Looking Ahead
With the cash rate at 3.60% after the 12 Aug cut, major banks generally see one more 25 bp reduction this year, most likely in November, taking the rate to around 3.35%. The pace beyond that will hinge on the disinflation trend, wages, and the labour market.
What’s Driving the Latest Forecasts?
Inflation and RBA Guidance
August’s monthly CPI indicator rose 3.0% year on year, with trimmed mean easing to 2.6%. This keeps inflation broadly within the 2 to 3% target band but with some services stickiness. The RBA has signalled a meeting-by-meeting approach and remains attentive to incoming data, including the September quarter CPI due late October. With the Board next convening on 30 September, most forecasters expect a hold while assessing whether disinflation momentum has persisted through Q3. The balance of risks is that a further reduction in November proceeds only if underlying inflation and wages are consistent with sustainable progress back to target. [ABS-1][RBA-2][RBA-1]
Labour Market, Wages, Productivity Growth and Sentiment
Labour market conditions cooled in August with unemployment at 4.2% and participation steady, suggesting demand and supply are closer to balance. The RBA’s August Statement on Monetary Policy emphasised elevated unit labour cost growth due to weak productivity, though it expects some easing from late 2025. Consumer sentiment remains below long-run averages, indicating households are cautious even as real incomes improve. Together these signals argue for gradual, data-dependent easing rather than a rapid cutting cycle. [ABS-2][RBA-3][WBC-3]
Housing Pulse
Home prices continued to edge higher in August, extending gains to fresh records nationally, supported by prior rate cuts, improved real incomes and tight listings. Brisbane and Adelaide are leading annual growth, with Sydney and Melbourne seeing steadier conditions. New dwelling completions are lifting from lows but remain constrained by costs and approvals timelines. This combination keeps competition elevated for quality stock and is likely to cap the pace of any affordability improvement from lower mortgage rates. [DATA-1]
Risks
- Services inflation proves sticky, complicating November timing. [CBA-1]
- Weak productivity keeps unit labour costs elevated. [RBA-3]
- Sentiment remains fragile, limiting the growth impulse from cuts. [WBC-3]
Latest Decision: RBA Cuts to 3.60%
On 12 August 2025 the RBA reduced the cash rate by 25 bp to 3.60%, citing continued moderation in inflation and softer household demand. The Bank reiterated that policy will be guided “meeting by meeting” and that it remains attentive to the flow of data as it assesses the appropriate pace of easing. Markets now look to the 30 September meeting, where a hold is widely anticipated before a possible November move. The August decision was consistent with the RBA’s view that underlying inflation is gravitating toward target, while labour market slack is gradually normalising. The Board also highlighted productivity challenges and unit labour costs as key watch-points. The tone keeps the door open to further cuts if the disinflation trend persists and the labour market cools in line with forecasts. [RBA-2][RBA-1]
What This Means for Homeowners and Buyers
Variable-Rate Borrowers
If lenders pass through a 25 bp change in full, repayments on a $600,000 loan over 30 years shift by about $97 per month. Timing and pass-through differ by lender, and smaller changes may be staged across weeks. Check whether your rate has moved and compare against current market offers; some borrowers remain on rates well above competitive levels after recent cuts.
Fixed-Rate Borrowers
Fixed loans are unaffected until the fixed term ends. On expiry, most revert to the lender’s standard variable rate unless you refix or switch products. Review your options several weeks before expiry to avoid reverting to a higher rate, and consider break costs, cashbacks and any package or annual fees when comparing options.
Prospective Buyers
Lower rates can improve assessed borrowing capacity via reduced assessment rates, though lenders also apply buffers and scrutinise expenses. Borrower competition remains strongest for well-located properties amid tight listings, so pre-approval and documentation readiness are valuable. Factor in upfront costs such as stamp duty and conveyancing, which vary by state and purchase type.
Refinancers
Refinancing can unlock savings beyond RBA pass-through where revert rates are high. Compare comparison rates, not just headline rates, and watch for discharge, application and valuation fees. Pricing often varies by loan-to-value ratio, with sharper rates below common LVR tiers. Ask your current lender for a repricing review before switching, and check fixed-rate break costs if applicable.
Savings and Term Deposit Holders
Deposit and term deposit rates may drift lower following cash rate cuts, and bonus conditions can change. Laddering maturities and reviewing introductory bonuses can help maintain an effective yield. Consider government deposit guarantees and product caps when spreading balances across institutions.
Economic Context
Inflation is moderating near target while unemployment has lifted modestly, supporting a cautious easing bias. The RBA is weighing progress on services inflation and wages against weak productivity and subdued sentiment. The November decision will likely hinge on Q3 CPI and labour data, with a preference to maintain a measured pace of policy moves. [ABS-1][ABS-2][RBA-3]
Recent Policy Changes
- Australia — Home Guarantee Scheme expanded to unlimited places and higher price caps — 1 Oct 2025 — could lift first-home demand at the margin. [POL-1]
- Western Australia — Keystart price limits increased — 19 Aug 2025 — broadens access to shared-equity and low-deposit products. [POL-2]
- Victoria — Off-the-plan duty concession extended to 21 Oct 2026 — 24 Jun 2025 — may support apartment pre-sales and new supply. [POL-3]
- Queensland — First-home buyer duty relief for contracts dated 1 May 2025 or later — 1 May 2025 — reduces upfront costs for eligible buyers. [POL-4]
Review your loan: A Craggle Lending Expert can show you whether your rate is actually competitive—or let Craggle AI run a 24/7, impartial assessment of your current deal compared to the best available in the market.
👉 Check if your bank is passing on the cut and when
Sources (updated 25 Sep 2025 AEST)
RBA
- RBA-1 – Reserve Bank Board Calendar 2025. RBA, 2025.
- RBA-2 – Opening Statement to the House of Representatives Standing Committee on Economics. RBA, 22 Sep 2025.
- RBA-3 – Statement on Monetary Policy: August 2025, Economic Conditions and Outlook. RBA, 12 Aug 2025.
ABS/Data
- ABS-1 – Monthly CPI Indicator, August 2025. ABS, 25 Sep 2025.
- ABS-2 – Labour Force, Australia, August 2025. ABS, 18 Sep 2025.
- DATA-1 – PropTrack Home Price Index Report, August 2025. PropTrack/realestate.com.au, 2 Sep 2025.
Major Banks
- CBA-1 – November rate cut not a done deal with August inflation firmer than expected. CBA, 24 Sep 2025.
- NAB-1 – Forward View: September 2025. NAB Group Economics, 18 Sep 2025.
- WBC-1 – Why the risks from inflation are less one-sided. Westpac IQ, 12 Sep 2025.
- WBC-2 – Westpac economist reveals latest RBA cash rate forecast. The Motley Fool Australia, 5 Sep 2025.
- ANZ-1 – One more cut: Boyton. ANZ Institutional Insights, 15 Aug 2025.
Government/Policy
- POL-1 – Unlimited places, higher property price caps for first-home buyers from 1 October 2025. Housing Australia, 24 Aug 2025.
- POL-2 – More support for homebuyers as Keystart increases price limits. Government of Western Australia, 19 Aug 2025.
- POL-3 – Changes to State Taxes, June 2025. State Revenue Office Victoria, 24 Jun 2025.
- POL-4 – First home buyer relief. Queensland Revenue Office, 1 May 2025.
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 | ||
| Oct-25 | (No RBA Meeting) | |
| Nov-25 | ||
| 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