RBA Cash Rate Decisions & Board Minutes

Current cash rate target

4.60%

Increased 0.25%

On 29 September 2026 the Board raised the cash rate target by 0.25 percentage points to 4.60%.

Decided at the Monetary Policy Board meeting of 28-29 September 2026 · effective 30 September 2026.

Next meeting 2-3 November 2026 — decision announced 2:30pm AEST, 3 November 2026. This page updates automatically within minutes.

Cash Rate Decisions

Every Reserve Bank Monetary Policy Board meeting and its cash rate outcome, most recent first. Figures are the RBA's published cash rate target.

Meeting	Decision	Cash rate	Source
28-29 September 2026	Increased 0.25%	4.60%	Statement · Minutes
10-11 August 2026	No change	4.35%	Statement · Minutes
15-16 June 2026	No change	4.35%	Statement · Minutes
4-5 May 2026	Increased 0.25%	4.35%	Statement · Minutes
16-17 March 2026	Increased 0.25%	4.10%	Statement · Minutes
2-3 February 2026	Increased 0.25%	3.85%	Statement · Minutes
8-9 December 2025	No change	3.60%	Statement · Minutes
3-4 November 2025	No change	3.60%	Statement · Minutes
29-30 September 2025	No change	3.60%	Statement · Minutes
11-12 August 2025	Decreased 0.25%	3.60%	Statement · Minutes
7-8 July 2025	No change	3.85%	Statement · Minutes
19-20 May 2025	Decreased 0.25%	3.85%	Statement · Minutes
1 April 2025	No change	4.10%	Statement · Minutes
17-18 February 2025	Decreased 0.25%	4.10%	Statement · Minutes

Source: Reserve Bank of Australia — Cash Rate Target. A change takes effect the day after the meeting.

What the Board Said

The cash rate target is 4.60%, effective 30 September 2026.
That is after 4 increases in 2026, lifting the cash rate 1 percentage point.
The RBA noted: “But inflation is still too high and the Board judged that, in light of recent developments, a further tightening in financial conditions is warranted to support a return of inflation to target in a reasonable period.”
The RBA noted: “There are signs that growth in consumer spending is easing gradually as expected, although housing prices have fallen in most capital cities and new housing loans have declined noticeably.”
The Board said it will do what it considers necessary to bring inflation back to target, including increasing the cash rate further if upside risks materialise.
The decision was unanimous.

“The Board remains focused on ensuring that high inflation does not become embedded.”
Reserve Bank of Australia, Statement by the Monetary Policy Board, 29 September 2026

What This Means for Your Mortgage

A higher cash rate normally flows through to variable home loan rates within one to two billing cycles. Lenders set their own rates and do not always pass on the full change, and they rarely all move on the same day.

If you are on a variable rate: expect your minimum repayment to rise. It is worth checking what your lender is actually charging you against what it is offering new customers — that gap is where most of the saving usually sits.

If you are coming off a fixed rate: the revert rate is often well above the sharpest rate available. Start looking about three months before expiry, not after.

If you are borrowing: higher rates reduce the amount most lenders will lend. If you hold a pre-approval, check whether it still covers the price range you are shopping in.

Want to Read the Full Minutes?

Read the 28-29 September 2026 Board Minutes

The full minutes and detailed economic analysis are published on the Reserve Bank's website.

Last updated 19 October 2026 at 3:20pm Sydney time from the Reserve Bank of Australia.
Board minutes are published two weeks after each meeting.
This page is general information only. It does not take into account your objectives, financial situation or needs, and it is not a forecast or a recommendation. Talk to us about your own circumstances before acting.

RBA Cash Rate Decisions

Cash Rate Decisions

What the Board Said

What This Means for Your Mortgage

Want to Read the Full Minutes?

How Will Rate Changes Affect Your Mortgage?