RBA Cash Rate Decisions

Every Reserve Bank board meeting, its cash rate outcome, and what it means for your mortgage — updated within minutes of each announcement

Current cash rate target
4.35%
No change

The Board left the cash rate target unchanged at 4.35%. It has sat at that level since the 5 May 2026 meeting.

Decided at the Monetary Policy Board meeting of 10-11 August 2026 · effective 12 August 2026.

Next meeting 28-29 September 2026 — decision announced 2:30pm AEST, 29 September 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
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
9-10 December 2024 No change 4.35% 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 4.35%, effective 12 August 2026.
  • That is after 3 increases in 2026, lifting the cash rate 0.75 percentage points.
  • The RBA noted: “While the impact of the Middle East conflict on inflation has so far been less than expected, headline inflation is still too high.”
  • The RBA noted: “Momentum in the housing market has shifted, with housing prices falling in some capital cities and new housing loans declining 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, 11 August 2026

What This Means for Your Mortgage

A hold means no automatic change to variable home loan rates from this decision. Lenders still reprice between meetings for their own funding reasons, so your rate can move even when the cash rate does not.

If you are on a variable rate: a steady cash rate is a good moment to compare what you are paying against what your lender offers new customers. Existing borrowers are routinely on a higher rate than new ones.

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.

If you are borrowing: borrowing capacity is unchanged by this decision, but assessment rates and living-expense benchmarks differ between lenders, so capacity still varies widely.

Want to Read the Full Minutes?

Read the 10-11 August 2026 Board Minutes

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

Last updated 25 August 2026 at 2:20pm 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.

How Will Rate Changes Affect Your Mortgage?

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