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
Archived News Items
- Reserve Bank Leaves Rates on Hold: “The Outlook is Highly Uncertain” May 7, 2024
- Reserve Bank Leaves Cash Rate Unchanged at 4.35%, Says “The Outlook Is Highly Uncertain” March 19, 2024
- Reserve Bank Leaves Rates Unchanged February 6, 2024
- No Movement on Interest Rates in Reserve Bank Decision December 5, 2023
- Chalmers Finds New RBA Deputy Governor at the Bank of England November 27, 2023
- Interest Rates: Reserve Bank Maintains Monetary Policy Settings July 6, 2021
- The Great Recession: Economic Data September 2, 2020
- Reserve Bank Sets Historic Low 0.75% Cash Rate October 1, 2019
- Reserve Bank Cuts Rates To One Per Cent – Second Cut In Two Months July 2, 2019
- Reserve Bank Cuts Cash Rate By 0.25% In First Movement For Three Years June 4, 2019
- At Year’s End, Reserve Bank Leaves Cash Rate At 1.5% December 6, 2016
- Reserve Bank Leaves Cash Rate At 1.50% At Monthly Meeting September 6, 2016
- Historic Low For Interest Rates As Reserve Bank Lowers Cash Rate To 1.50% August 2, 2016
- Reserve Bank Cuts Interest Rates By 0.25%; First Reduction In A Year May 3, 2016
- Still No Movement On Interest Rates April 5, 2016
- Still No Change To Interest Rates; Cash Rate Stays At 2% March 1, 2016
- No Change To Interest Rates; Reserve Bank Leaves Cash Rate At 2% February 2, 2016
- Reserve Bank Leaves Interest Rates On Hold; Cash Rate Stays At 2% December 1, 2015
- Interest Rates Still On Hold As Reserve Bank Maintains 2% Cash Rate October 6, 2015
- In Shadow Of Greek Crisis, Reserve Bank Leaves Cash Rate At 2% July 7, 2015
- No Change In Interest Rates; Cash Rate Stays At 2.0% June 2, 2015
- Reserve Bank Cuts Cash Rate To Historic Low Of 2% May 5, 2015
- Reserve Bank Cuts Interest Rates By 0.25% February 3, 2015
- Interest Rates Stay On Hold For 14th Consecutive Month October 7, 2014
- No Change To Interest Rates; Cash Rate Still 2.5% September 2, 2014
- RBA Leaves Rates Unchanged August 5, 2014
- No Change To Interest Rates At Reserve Bank Board’s July Meeting July 1, 2014
- No Change To Interest Rates At Reserve Bank’s Monthly Meeting June 3, 2014
- Interest Rates On Hold For Eighth Month In Succession; Cash Rate Stays At 2.50% May 6, 2014
- Interest Rates Remain On Hold As Reserve Bank Sees “Period Of Stability” April 1, 2014
- Reserve Bank Leaves Interest Rates On Hold At 2.5% March 4, 2014
- Interest Rates Unchanged At Reserve Bank’s Monthly Meeting February 4, 2014
- No Change In Interest Rates This Month December 3, 2013
- Reserve Bank Leaves Interest Rates Unchanged On Melbourne Cup Day November 5, 2013
- Treasurer And Reserve Bank Issue Statement On Monetary Policy October 24, 2013
- Reserve Bank Leaves Interest Rates Unchanged October 1, 2013
- Reserve Bank Leaves Interest Rates On Hold September 3, 2013
- Bowen And Hockey Spar Over Interest Rate Decision August 6, 2013
- Reserve Bank Cuts Interests Rates By 0.25% To 2.5%; Lowest In Half A Century August 6, 2013
- Reserve Bank Leaves Cash Rate Steady At 2.75% July 2, 2013
- Reserve Bank Leaves Cash Rate Unchanged June 4, 2013
- Reserve Bank Lowers Rates To 2.75% May 7, 2013
- Reserve Bank Leaves Interest Rate Unchanged At 3% April 2, 2013
- Reserve Bank Leaves Interest Rates Unchanged March 5, 2013
- Reserve Bank Governor Glenn Stevens Appears Before House Economics Committee February 22, 2013
- Swan And Hockey Argue Over Interest Rates December 4, 2012
- Reserve Bank Cuts Interest Rates By 0.25% December 4, 2012
- Reserve Bank Leaves Interest Rates On Hold November 6, 2012
- Reserve Bank Cuts Interest Rates By 0.25% October 2, 2012
- Glenn Stevens Forecasts Peak Of Resources Boom In Next Two Years August 24, 2012
- Reserve Bank Pushes Back Over Corruption Allegations August 22, 2012
- Reserve Bank Cuts Cash Rate By 0.25% June 5, 2012
- Reserve Bank Cuts Interest Rates By 0.5% May 1, 2012
- Gillard Commits To Budget Surplus, Pressures Reserve Bank April 19, 2012
- Reserve Bank Leaves Cash Rate Unchanged April 3, 2012
- Reserve Bank Cuts Interest Rates Another 0.25% To 4.25% December 6, 2011
- Reserve Bank Lowers Interest Rates 0.25% November 1, 2011
- Reserve Bank Leaves Interest Rates On Hold February 1, 2011
- RBA Governor’s Statement to House Economics Committee November 26, 2010
- Treasurer Wayne Swan Comments On Inflation Figures January 27, 2010
- What Caused The Financial Crisis? March 19, 2009
- Reserve Bank Cuts Interest Rates Another 0.75% November 4, 2008
- Global Economic Catastrophe Now Less Likely Says Reserve Bank Governor October 21, 2008
- “It’s Really Bad, But Economy In Strong Shape,” Says Rudd October 9, 2008
- Rudd And Swan Comment On Interest Rate Cut October 7, 2008
- Reserve Bank Cuts Interest Rates By One Percent October 7, 2008
- Interest Rates Up Again March 4, 2008
- Reserve Bank Increases Interest Rates February 5, 2008
- Rudd Government Strengthens Independence Of The Reserve Bank December 6, 2007
- Reserve Bank Holds Interest Rates But Still Concerned About Inflation December 5, 2007
- Liberal Party Campaigns On Economic Management November 7, 2007
- Reserve Bank Lifts Interest Rates By 0.25% November 7, 2007
- Rudd And Swan Respond To Interest Rate Increase August 8, 2007
- Howard And Costello Respond To Interest Rate Increase August 8, 2007
- Reserve Bank Raises Interest Rates 0.25% August 2, 2006
- Reserve Bank Hints At Interest Rate Increase February 7, 2005
- Asia’s Role In Australia’s Economic Future: Ian Macfarlane October 16, 2003
- Australian Dollar Falls To All-Time Low September 14, 2000
- Interest Rate Increase Announced November 3, 1999
- Interest Rate Rise Tipped For Wednesday November 1, 1999
