RBA cash rate target, Australia
RBA cash rate target in Australia was 4.36% in , up 0.01 pp from and up 0.76 pp from a year earlier. Over the latest 12 readings it moved between 3.60% and 4.36%. The next reading is for October 2026. Source: RBA, RBA table F1.1; history from .
Key takeaways
- RBA cash rate target at 4.36% in beats 78% of readings since (RBA).
- Against a ten-year average of 2.14%, RBA cash rate target is above that norm by 2.22 pp (RBA).
- On RBA cash rate target, Australia ranks 1st highest of 4 countries (national publishers).
What this indicator is and why it matters
The cash rate target is the Reserve Bank of Australia's policy rate: its target for the interest rate on unsecured overnight loans between banks. Since March 2025 the RBA's Monetary Policy Board sets it at eight scheduled meetings a year. The series here is the target averaged over each month, from RBA table F1.1.
The cash rate reaches Australian households faster than policy rates in most other countries, because most Australian home loans carry variable rates that lenders reprice within weeks of a decision. That makes it a direct lever on household budgets and on the cash flow of the banks that hold those loans. The RBA sets it to keep inflation within its 2% to 3% target range, and since its 2023 review it has emphasized the 2.5% midpoint.
Reading the chart needs some care. Because this is a monthly average, a month with a rate change shows a value between the old and new targets. And the target is not the same as the rate actually traded: the RBA also publishes the interbank cash rate, which normally sits very close to the target. During 2020 and 2021 the target sat at 0.10%, the lowest on record, and fixed-rate loans written then reset at much higher rates in 2022 and 2023.
Where it sits in history
RBA cash rate target is at its highest since , when it stood at 4.51%. Within ten years, RBA cash rate target beats 100% of readings; earlier years held RBA cash rate target higher.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 78% of readings | 3.13% | 7.25% | 0.10% |
| Last ten years | 100% of readings | 2.14% | 4.36% | 0.10% |
| Last five years | 100% of readings | 3.25% | 4.36% | 0.10% |
- RBA cash rate target 4.4%
Recent readings
Last five years
- RBA cash rate target 4.4%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 4.36% | +0.01 pp | |
| 4.35% | 0.00 pp | |
| 4.35% | 0.00 pp | |
| 4.35% | +0.04 pp | |
| 4.31% | +0.21 pp | |
| 4.10% | +0.14 pp | |
| 3.96% | +0.13 pp | |
| 3.83% | +0.23 pp | |
| 3.60% | 0.00 pp | |
| 3.60% | 0.00 pp | |
| 3.60% | 0.00 pp | |
| 3.60% | 0.00 pp | |
| 3.60% | -0.10 pp |
Annual averages
By calendar-year average, RBA cash rate target peaked in (6.67%) and bottomed in (0.10%). 2026 to date: 4.13%, after 3.88% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 4.13% | 3.60% | 4.36% | 9 |
| 2025 | 3.88% | 3.60% | 4.35% | 12 |
| 2024 | 4.35% | 4.35% | 4.35% | 12 |
| 2023 | 3.87% | 3.10% | 4.35% | 12 |
| 2022 | 1.27% | 0.10% | 3.05% | 12 |
| 2021 | 0.10% | 0.10% | 0.10% | 12 |
| 2020 | 0.32% | 0.10% | 0.75% | 12 |
| 2019 | 1.17% | 0.75% | 1.50% | 12 |
| 2018 | 1.50% | 1.50% | 1.50% | 12 |
| 2017 | 1.50% | 1.50% | 1.50% | 12 |
| 2016 | 1.73% | 1.50% | 2.00% | 12 |
| 2015 | 2.11% | 2.00% | 2.50% | 12 |
| 2014 | 2.50% | 2.50% | 2.50% | 12 |
| 2013 | 2.74% | 2.50% | 3.00% | 12 |
| 2012 | 3.70% | 3.03% | 4.25% | 12 |
| 2011 | 4.69% | 4.30% | 4.75% | 12 |
| 2010 | 4.35% | 3.75% | 4.75% | 12 |
| 2009 | 3.28% | 3.00% | 4.25% | 12 |
| 2008 | 6.67% | 4.35% | 7.25% | 12 |
| 2007 | 6.39% | 6.25% | 6.75% | 12 |
| 2006 | 5.80% | 5.50% | 6.25% | 12 |
Same measure in other countries
RBA cash rate target in Australia is above 3 of the other 3 comparable readings. Four countries compared.
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| Australia | RBA cash rate target | 4.36% | +0.76 pp | |
| United States | Effective federal funds rate | 3.75% | September 2026 | -0.47 pp |
| Canada | Bank of Canada policy rate (target for the overnight rate) | 2.25% | September 2026 | -0.25 pp |
| United Kingdom | Bank Rate | 3.75% | September 2026 | -0.25 pp |
How is it measured?
Cash rate target, monthly average.
RBA publishes RBA cash rate target monthly in RBA table F1.1, in percent. Code: FIRMMCRT. Monthly basis: each month shows the average of the daily values in that month. Method for RBA cash rate target.
Questions
How high is RBA cash rate target in Australia now?
4.36% in (RBA), up 0.76 pp on a year earlier.
Is RBA cash rate target high by historical standards?
RBA cash rate target beats 78% of readings since ; its peak was 7.25% (), its low 0.10% ().
When is RBA cash rate target updated?
Monthly, in RBA table F1.1. Next reading: October 2026.
Where can I check RBA cash rate target at the source?
RBA data, code FIRMMCRT.