Cash rate

The RBA cash rate target

The cash rate target is the RBA’s operational target for the overnight interest rate. It is a benchmark, not the mortgage rate offered by a particular lender.

Cash rate live · verified 23 Sept 2026

Current target

4.35%

Effective 2026-08-12 following the latest verified RBA decision.

Verified 2026-09-23Reserve Bank of Australia · Cash Rate TargetSource

Recent official target changes

11 Aug 2026hold

4.35%0bp

16 June 2026hold

4.35%0bp

5 May 2026hike

4.35%+25bp

17 Mar 2026hike

4.10%+25bp

3 Feb 2026hike

3.85%+25bp

9 Dec 2025hold

3.60%0bp

4 Nov 2025hold

3.60%0bp

Source and terminology

The RBA announces monetary policy decisions at 2:30pm after each Monetary Policy Board meeting. A change in the target generally takes effect the following day.

Basis points describe a percentage-point movement: 25 basis points equals 0.25 percentage points.