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Interest Rates Since 1990

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 November 7, 2023, when it was increased by 25 basis points to 4.35%. This was the 13th increase since May 2022. It is the highest cash rate since December 2011.

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)
07 Nov 2023 +0.25 4.35
06 Jun 2023 +0.25 4.10
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

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