Reserve Bank Cash Rate
The table shows monetary policy decisions taken by the Reserve Bank of Australia.
Monetary policy decisions are expressed in terms of a target for the cash rate, which is the overnight money market interest rate.
In everyday terms, the cash rate determines the interest rate that banks set for home mortgages and other loans.
The cash rate was last altered on May 2, 2023, when it was increased by 25 basis points to 3.85%. This increase was on the low end of expectations, many commentators having predicted no change.
Previously, the cash rate was altered on March 7, 2023, when it was increased by 25 basis points to 3.60%. This was the 10th monthly increase since May 2022. At its April 4, 2023 meeting, the RBA board paused the cash rate, leaving it at 3.60%.
The cash rate was consecutively raised by 25 points on February 7, 2023, and in 2022 on December 6, November 1 and October 4. This followed consecutive 50-point increases on September 6, August 2, July 5 and June 7.
Previously, it was reduced to a historic low of 0.1% on November 3, 2020, before being raised to 0.35% on May 3, 2022.
| Interest Rate Movements Since 1990 | |||
|---|---|---|---|
| Date | Change in cash rate (Per cent) |
New cash rate target (Per cent) |
|
| 02 May 2023 | +0.25 | 3.85 | |
| 07 Mar 2023 | +0.25 | 3.60 | |
| 07 Feb 2023 | +0.25 | 3.35 | |
| 06 Dec 2022 | +0.25 | 3.10 | |
| 01 Nov 2022 | +0.25 | 2.85 | |
| 04 Oct 2022 | +0.25 | 2.60 | |
| 06 Sep 2022 | +0.50 | 2.35 | |
| 02 Aug 2022 | +0.50 | 1.85 | |
| 05 Jul 2022 | +0.50 | 1.35 | |
| 07 Jun 2022 | +0.50 | 0.85 | |
| 03 May 2022 | +0.25 | 0.35 | |
| 03 Nov 2020 | -0.15 | 0.10 | |
| 19 Mar 2020 | -0.25 | 0.25 | |
| 3 Mar 2020 | -0.25 | 0.50 | |
| 1 Oct 2019 | -0.25 | 0.75 | |
| 2 Jul 2019 | -0.25 | 1.00 | |
| 4 Jun 2019 | -0.25 | 1.25 | |
| 2 Aug 2016 | -0.25 | 1.50 | |
| 3 May 2016 | -0.25 | 1.75 | |
| 5 May 2015 | -0.25 | 2.00 | |
| 3 Feb 2015 | -0.25 | 2.25 | |
| 6 Aug 2013 | -0.25 | 2.50 | |
| 7 May 2013 | -0.25 | 2.75 | |
| 4 Dec 2012 | -0.25 | 3.00 | |
| 2 Oct 2012 | -0.25 | 3.25 | |
| 5 Jun 2012 | -0.25 | 3.50 | |
| 1 May 2012 | -0.50 | 3.75 | |
| 6 Dec 2011 | -0.25 | 4.25 | |
| 1 Nov 2011 | -0.25 | 4.50 | |
| 3 Nov 2010 | +0.25 | 4.75 | |
| 5 May 2010 | +0.25 | 4.50 | |
| 7 Apr 2010 | +0.25 | 4.25 | |
| 3 Mar 2010 | +0.25 | 4.00 | |
| 2 Dec 2009 | +0.25 | 3.75 | |
| 4 Nov 2009 | +0.25 | 3.50 | |
| 7 Oct 2009 | +0.25 | 3.25 | |
| 8 Apr 2009 | -0.25 | 3.00 | |
| 4 Feb 2009 | -1.00 | 3.25 | |
| 3 Dec 2008 | -1.00 | 4.25 | |
| 5 Nov 2008 | -0.75 | 5.25 | |
| 8 Oct 2008 | -1.00 | 6.00 | |
| 3 Sep 2008 | -0.25 | 7.00 | |
| 5 Mar 2008 | +0.25 | 7.25 | |
| 6 Feb 2008 | +0.25 | 7.00 | |
| 7 Nov 2007 | +0.25 | 6.75 | |
| 8 Aug 2007 | +0.25 | 6.50 | |
| 8 Nov 2006 | +0.25 | 6.25 | |
| 2 Aug 2006 | +0.25 | 6.00 | |
| 3 May 2006 | +0.25 | 5.75 | |
| 2 Mar 2005 | +0.25 | 5.50 | |
| 3 Dec 2003 | +0.25 | 5.25 | |
| 5 Nov 2003 | +0.25 | 5.00 | |
| 5 June 2002 | +0.25 | 4.75 | |
| 8 May 2002 | +0.25 | 4.50 | |
| 5 Dec 2001 | -0.25 | 4.25 | |
| 3 Oct 2001 | -0.25 | 4.50 | |
| 5 Sep 2001 | -0.25 | 4.75 | |
| 4 Apr 2001 | -0.50 | 5.00 | |
| 7 Mar 2001 | -0.25 | 5.50 | |
| 7 Feb 2001 | -0.50 | 5.75 | |
| 2 Aug 2000 | +0.25 | 6.25 | |
| 3 May 2000 | +0.25 | 6.00 | |
| 5 Apr 2000 | +0.25 | 5.75 | |
| 2 Feb 2000 | +0.50 | 5.50 | |
| 3 Nov 1999 | +0.25 | 5.00 | |
| 2 Dec 1998 | -0.25 | 4.75 | |
| 30 Jul 1997 | -0.50 | 5.00 | |
| 23 May 1997 | -0.50 | 5.50 | |
| 11 Dec 1996 | -0.50 | 6.00 | |
| 6 Nov 1996 | -0.50 | 6.50 | |
| 31 Jul 1996 | -0.50 | 7.00 | |
| 14 Dec 1994 | +1.00 | 7.50 | |
| 24 Oct 1994 | +1.00 | 6.50 | |
| 17 Aug 1994 | +0.75 | 5.50 | |
| 30 Jul 1993 | -0.50 | 4.75 | |
| 23 Mar 1993 | -0.50 | 5.25 | |
| 8 Jul 1992 | -0.75 | 5.75 | |
| 6 May 1992 | -1.00 | 6.50 | |
| 8 Jan 1992 | -1.00 | 7.50 | |
| 6 Nov 1991 | -1.00 | 8.50 | |
| 3 Sep 1991 | -1.00 | 9.50 | |
| 16 May 1991 | -1.00 | 10.50 | |
| 4 Apr 1991 | -0.50 | 11.50 | |
| 18 Dec 1990 | -1.00 | 12.00 | |
| 15 Oct 1990 | -1.00 | 13.00 | |
| 2 Aug 1990 | -1.00 | 14.00 | |
| 4 Apr 1990 | -1.00 to -1.50 | 15.00 to 15.50 | |
| 15 Feb 1990 | -0.50 | 16.50 to 17.00 | |
| 23 Jan 1990 | -0.50 to -1.00 | 17.00 to 17.50 | |
Source: Reserve Bank of Australia
Archived News Items
- Jul 06, 2021: Interest Rates: Reserve Bank Maintains Monetary Policy Settings
- Sep 02, 2020: The Great Recession: Economic Data
- Oct 01, 2019: Reserve Bank Sets Historic Low 0.75% Cash Rate
- Jul 02, 2019: Reserve Bank Cuts Rates To One Per Cent – Second Cut In Two Months
- Jun 04, 2019: Reserve Bank Cuts Cash Rate By 0.25% In First Movement For Three Years
- Dec 06, 2016: At Year’s End, Reserve Bank Leaves Cash Rate At 1.5%
- Sep 06, 2016: Reserve Bank Leaves Cash Rate At 1.50% At Monthly Meeting
- Aug 02, 2016: Historic Low For Interest Rates As Reserve Bank Lowers Cash Rate To 1.50%
- May 03, 2016: Reserve Bank Cuts Interest Rates By 0.25%; First Reduction In A Year
- Apr 05, 2016: Still No Movement On Interest Rates
- Mar 01, 2016: Still No Change To Interest Rates; Cash Rate Stays At 2%
- Feb 02, 2016: No Change To Interest Rates; Reserve Bank Leaves Cash Rate At 2%
- Dec 01, 2015: Reserve Bank Leaves Interest Rates On Hold; Cash Rate Stays At 2%
- Oct 06, 2015: Interest Rates Still On Hold As Reserve Bank Maintains 2% Cash Rate
- Jul 07, 2015: In Shadow Of Greek Crisis, Reserve Bank Leaves Cash Rate At 2%
- Jun 02, 2015: No Change In Interest Rates; Cash Rate Stays At 2.0%
- May 05, 2015: Reserve Bank Cuts Cash Rate To Historic Low Of 2%
- Feb 03, 2015: Reserve Bank Cuts Interest Rates By 0.25%
- Oct 07, 2014: Interest Rates Stay On Hold For 14th Consecutive Month
- Sep 02, 2014: No Change To Interest Rates; Cash Rate Still 2.5%
- Aug 05, 2014: RBA Leaves Rates Unchanged
- Jul 01, 2014: No Change To Interest Rates At Reserve Bank Board’s July Meeting
- Jun 03, 2014: No Change To Interest Rates At Reserve Bank’s Monthly Meeting
- May 06, 2014: Interest Rates On Hold For Eighth Month In Succession; Cash Rate Stays At 2.50%
- Apr 01, 2014: Interest Rates Remain On Hold As Reserve Bank Sees “Period Of Stability”
- Mar 04, 2014: Reserve Bank Leaves Interest Rates On Hold At 2.5%
- Feb 04, 2014: Interest Rates Unchanged At Reserve Bank’s Monthly Meeting
- Dec 03, 2013: No Change In Interest Rates This Month
- Nov 05, 2013: Reserve Bank Leaves Interest Rates Unchanged On Melbourne Cup Day
- Oct 24, 2013: Treasurer And Reserve Bank Issue Statement On Monetary Policy
- Oct 01, 2013: Reserve Bank Leaves Interest Rates Unchanged
- Sep 03, 2013: Reserve Bank Leaves Interest Rates On Hold
- Aug 06, 2013: Bowen And Hockey Spar Over Interest Rate Decision
- Aug 06, 2013: Reserve Bank Cuts Interests Rates By 0.25% To 2.5%; Lowest In Half A Century
- Jul 02, 2013: Reserve Bank Leaves Cash Rate Steady At 2.75%
- Jun 04, 2013: Reserve Bank Leaves Cash Rate Unchanged
- May 07, 2013: Reserve Bank Lowers Rates To 2.75%
- Apr 02, 2013: Reserve Bank Leaves Interest Rate Unchanged At 3%
- Mar 05, 2013: Reserve Bank Leaves Interest Rates Unchanged
- Feb 22, 2013: Reserve Bank Governor Glenn Stevens Appears Before House Economics Committee
- Dec 04, 2012: Swan And Hockey Argue Over Interest Rates
- Dec 04, 2012: Reserve Bank Cuts Interest Rates By 0.25%
- Nov 06, 2012: Reserve Bank Leaves Interest Rates On Hold
- Oct 02, 2012: Reserve Bank Cuts Interest Rates By 0.25%
- Aug 24, 2012: Glenn Stevens Forecasts Peak Of Resources Boom In Next Two Years
- Aug 22, 2012: Reserve Bank Pushes Back Over Corruption Allegations
- Jun 05, 2012: Reserve Bank Cuts Cash Rate By 0.25%
- May 01, 2012: Reserve Bank Cuts Interest Rates By 0.5%
- Apr 19, 2012: Gillard Commits To Budget Surplus, Pressures Reserve Bank
- Apr 03, 2012: Reserve Bank Leaves Cash Rate Unchanged
- Dec 06, 2011: Reserve Bank Cuts Interest Rates Another 0.25% To 4.25%
- Nov 01, 2011: Reserve Bank Lowers Interest Rates 0.25%
- Feb 01, 2011: Reserve Bank Leaves Interest Rates On Hold
- Nov 26, 2010: RBA Governor’s Statement to House Economics Committee
- Jan 27, 2010: Treasurer Wayne Swan Comments On Inflation Figures
- Mar 19, 2009: What Caused The Financial Crisis?
- Nov 04, 2008: Reserve Bank Cuts Interest Rates Another 0.75%
- Oct 21, 2008: Global Economic Catastrophe Now Less Likely Says Reserve Bank Governor
- Oct 09, 2008: “It’s Really Bad, But Economy In Strong Shape,” Says Rudd
- Oct 07, 2008: Rudd And Swan Comment On Interest Rate Cut
- Oct 07, 2008: Reserve Bank Cuts Interest Rates By One Percent
- Mar 04, 2008: Interest Rates Up Again
- Feb 05, 2008: Reserve Bank Increases Interest Rates
- Dec 06, 2007: Rudd Government Strengthens Independence Of The Reserve Bank
- Dec 05, 2007: Reserve Bank Holds Interest Rates But Still Concerned About Inflation
- Nov 07, 2007: Liberal Party Campaigns On Economic Management
- Nov 07, 2007: Reserve Bank Lifts Interest Rates By 0.25%
- Aug 08, 2007: Rudd And Swan Respond To Interest Rate Increase
- Aug 08, 2007: Howard And Costello Respond To Interest Rate Increase
- Aug 02, 2006: Reserve Bank Raises Interest Rates 0.25%
- Feb 07, 2005: Reserve Bank Hints At Interest Rate Increase
- Oct 16, 2003: Asia’s Role In Australia’s Economic Future: Ian Macfarlane
- Sep 14, 2000: Australian Dollar Falls To All-Time Low
- Nov 03, 1999: Interest Rate Increase Announced
- Nov 01, 1999: Interest Rate Rise Tipped For Wednesday
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