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RBA Cash Rate History

The Reserve Bank of Australia's cash rate target is 4.60% after the decision of Sep 29, 2026. The calendar lists 199 RBA decisions since Feb 5, 2008: 26 hikes, 27 cuts and 146 holds; the last change was +25 bp on Sep 29, 2026.

Rate now4.60%cash rate target
Last change+25 bpSep 29, 2026
Since 200826▲ 27▼hikes and cuts in 199 decisions
Range0.10% to 7.25%lowest to highest
The chart

RBA Cash Rate since 2008

Each step is a decision. Shaded: the hiking cycles in red and the cutting cycles in green.

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RBA Cash Rate since 2008 RBA Cash Rate from 2008 to today, as a step line. Highest 7.25% (Mar 4, 2008), lowest 0.10% (Nov 3, 2020), now 4.60%. Shaded: hiking (red) and cutting (green) cycles. 0% 1% 2% 3% 4% 5% 6% 7% 8% 2009 2011 2013 2015 2017 2019 2021 2023 2025 4.60%
Cycles

RBA hiking and cutting cycles since 2008

A cycle is a run of moves in one direction, with holds between them; a move the other way starts the next.

CycleFromToMovesIn allRate
▲ Hiking latest Feb 3, 2026 Sep 29, 2026 4 +100 bp 3.60% → 4.60%
▼ Cutting Feb 18, 2025 Aug 12, 2025 3 −75 bp 4.35% → 3.60%
▲ Hiking May 3, 2022 Nov 7, 2023 13 +425 bp 0.10% → 4.35%
▼ Cutting Nov 1, 2011 Nov 3, 2020 18 −465 bp 4.75% → 0.10%
▲ Hiking Oct 6, 2009 Nov 2, 2010 7 +175 bp 3.00% → 4.75%
▼ Cutting Sep 2, 2008 Apr 7, 2009 6 −425 bp 7.25% → 3.00%
▲ Hiking Feb 5, 2008 Mar 4, 2008 2 +50 bp 6.75% → 7.25%
By year

RBA Cash Rate by year

How many times the RBA met in each year, what it did, and where the rate ended the year.

YearDecisionsHikesCutsHoldsNet changeYear end
2026 so far 6 4 — 2 +100 bp 4.60%
2025 8 — 3 5 −75 bp 3.60%
2024 8 — — 8 0 bp 4.35%
2023 11 5 — 6 +125 bp 4.35%
2022 11 8 — 3 +300 bp 3.10%
2021 11 — — 11 0 bp 0.10%
2020 12 — 3 9 −65 bp 0.10%
2019 11 — 3 8 −75 bp 0.75%
2018 11 — — 11 0 bp 1.50%
2017 11 — — 11 0 bp 1.50%
2016 11 — 2 9 −50 bp 1.50%
2015 11 — 2 9 −50 bp 2.00%
2014 11 — — 11 0 bp 2.50%
2013 11 — 2 9 −50 bp 2.50%
2012 11 — 4 7 −125 bp 3.00%
2011 11 — 2 9 −50 bp 4.25%
2010 11 4 — 7 +100 bp 4.75%
2009 11 3 2 6 −50 bp 3.75%
2008 11 2 4 5 −250 bp 4.25%
Records

The RBA's records since 2008

Highest7.25%first set Mar 4, 2008
Lowest0.10%first set Nov 3, 2020
Biggest move−100 bpOct 7, 2008, to 6.00%
Longest hold30decisions in a row with no change, Sep 6, 2016 to May 7, 2019
Against the consensus170/196matched it; 10 came out above (hawkish), 16 below (dovish)
Every decision

Every RBA interest rate decision since 2008

Newest first. The decisions since 2025 open on their own page, with the minutes of price around them.

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DateDecision Rate ChangeExpected
Sep 29, 2026 ▲ hike 4.60% +25 bp 4.60%
Aug 11, 2026 ■ hold 4.35% 0 bp 4.35%
Jun 16, 2026 ■ hold 4.35% 0 bp 4.35%
May 5, 2026 ▲ hike 4.35% +25 bp 4.35%
Mar 17, 2026 ▲ hike 4.10% +25 bp 4.10%
Feb 3, 2026 ▲ hike 3.85% +25 bp 3.85%
Dec 9, 2025 ■ hold 3.60% 0 bp 3.60%
Nov 4, 2025 ■ hold 3.60% 0 bp 3.60%
Sep 30, 2025 ■ hold 3.60% 0 bp 3.60%
Aug 12, 2025 ▼ cut 3.60% −25 bp 3.60%
Jul 8, 2025 ■ hold 3.85% 0 bp 3.60%
May 20, 2025 ▼ cut 3.85% −25 bp 3.85%
Apr 1, 2025 ■ hold 4.10% 0 bp 4.10%
Feb 18, 2025 ▼ cut 4.10% −25 bp 4.10%
Dec 10, 2024 ■ hold 4.35% 0 bp 4.35%
Nov 5, 2024 ■ hold 4.35% 0 bp 4.35%
Sep 24, 2024 ■ hold 4.35% 0 bp 4.35%
Aug 6, 2024 ■ hold 4.35% 0 bp 4.35%
Jun 18, 2024 ■ hold 4.35% 0 bp 4.35%
May 7, 2024 ■ hold 4.35% 0 bp 4.35%
Mar 19, 2024 ■ hold 4.35% 0 bp 4.35%
Feb 6, 2024 ■ hold 4.35% 0 bp 4.35%
Dec 5, 2023 ■ hold 4.35% 0 bp 4.35%
Nov 7, 2023 ▲ hike 4.35% +25 bp 4.35%
Oct 3, 2023 ■ hold 4.10% 0 bp 4.10%
Sep 5, 2023 ■ hold 4.10% 0 bp 4.10%
Aug 1, 2023 ■ hold 4.10% 0 bp 4.35%
Jul 4, 2023 ■ hold 4.10% 0 bp 4.35%
Jun 6, 2023 ▲ hike 4.10% +25 bp 3.85%
May 2, 2023 ▲ hike 3.85% +25 bp 3.60%
Apr 4, 2023 ■ hold 3.60% 0 bp 3.60%
Mar 7, 2023 ▲ hike 3.60% +25 bp 3.60%
Feb 7, 2023 ▲ hike 3.35% +25 bp 3.35%
Dec 6, 2022 ▲ hike 3.10% +25 bp 3.10%
Nov 1, 2022 ▲ hike 2.85% +25 bp 2.85%
Oct 4, 2022 ▲ hike 2.60% +25 bp 2.85%
Sep 6, 2022 ▲ hike 2.35% +50 bp 2.35%
Aug 2, 2022 ▲ hike 1.85% +50 bp 1.85%
Jul 5, 2022 ▲ hike 1.35% +50 bp 1.35%
Jun 7, 2022 ▲ hike 0.85% +50 bp 0.60%
May 3, 2022 ▲ hike 0.35% +25 bp 0.25%
Apr 5, 2022 ■ hold 0.10% 0 bp 0.10%
Mar 1, 2022 ■ hold 0.10% 0 bp 0.10%
Feb 1, 2022 ■ hold 0.10% 0 bp 0.10%
Dec 7, 2021 ■ hold 0.10% 0 bp 0.10%
Nov 2, 2021 ■ hold 0.10% 0 bp 0.10%
Oct 5, 2021 ■ hold 0.10% 0 bp 0.10%
Sep 7, 2021 ■ hold 0.10% 0 bp 0.10%
Aug 3, 2021 ■ hold 0.10% 0 bp 0.10%
Jul 6, 2021 ■ hold 0.10% 0 bp 0.10%
Jun 1, 2021 ■ hold 0.10% 0 bp 0.10%
May 4, 2021 ■ hold 0.10% 0 bp 0.10%
Apr 6, 2021 ■ hold 0.10% 0 bp 0.10%
Mar 2, 2021 ■ hold 0.10% 0 bp 0.10%
Feb 2, 2021 ■ hold 0.10% 0 bp 0.10%
Dec 1, 2020 ■ hold 0.10% 0 bp 0.10%
Nov 3, 2020 ▼ cut 0.10% −15 bp 0.10%
Oct 6, 2020 ■ hold 0.25% 0 bp 0.25%
Sep 1, 2020 ■ hold 0.25% 0 bp 0.25%
Aug 4, 2020 ■ hold 0.25% 0 bp 0.25%
Jul 7, 2020 ■ hold 0.25% 0 bp 0.25%
Jun 2, 2020 ■ hold 0.25% 0 bp 0.25%
May 5, 2020 ■ hold 0.25% 0 bp 0.25%
Apr 7, 2020 ■ hold 0.25% 0 bp —
Mar 19, 2020 ▼ cut 0.25% −25 bp —
Mar 3, 2020 ▼ cut 0.50% −25 bp 0.75%
Feb 4, 2020 ■ hold 0.75% 0 bp 0.75%
Dec 3, 2019 ■ hold 0.75% 0 bp 0.75%
Nov 5, 2019 ■ hold 0.75% 0 bp 0.75%
Oct 1, 2019 ▼ cut 0.75% −25 bp 0.75%
Sep 3, 2019 ■ hold 1.00% 0 bp 1.00%
Aug 6, 2019 ■ hold 1.00% 0 bp 1.00%
Jul 2, 2019 ▼ cut 1.00% −25 bp 1.00%
Jun 4, 2019 ▼ cut 1.25% −25 bp 1.25%
May 7, 2019 ■ hold 1.50% 0 bp 1.50%
Apr 2, 2019 ■ hold 1.50% 0 bp 1.50%
Mar 5, 2019 ■ hold 1.50% 0 bp 1.50%
Feb 5, 2019 ■ hold 1.50% 0 bp 1.50%
Dec 4, 2018 ■ hold 1.50% 0 bp 1.50%
Nov 6, 2018 ■ hold 1.50% 0 bp 1.50%
Oct 2, 2018 ■ hold 1.50% 0 bp 1.50%
Sep 4, 2018 ■ hold 1.50% 0 bp 1.50%
Aug 7, 2018 ■ hold 1.50% 0 bp 1.50%
Jul 3, 2018 ■ hold 1.50% 0 bp 1.50%
Jun 5, 2018 ■ hold 1.50% 0 bp 1.50%
May 1, 2018 ■ hold 1.50% 0 bp 1.50%
Apr 3, 2018 ■ hold 1.50% 0 bp 1.50%
Mar 6, 2018 ■ hold 1.50% 0 bp 1.50%
Feb 6, 2018 ■ hold 1.50% 0 bp 1.50%
Dec 5, 2017 ■ hold 1.50% 0 bp 1.50%
Nov 7, 2017 ■ hold 1.50% 0 bp 1.50%
Oct 3, 2017 ■ hold 1.50% 0 bp 1.50%
Sep 5, 2017 ■ hold 1.50% 0 bp 1.50%
Aug 1, 2017 ■ hold 1.50% 0 bp 1.50%
Jul 4, 2017 ■ hold 1.50% 0 bp 1.50%
Jun 6, 2017 ■ hold 1.50% 0 bp 1.50%
May 2, 2017 ■ hold 1.50% 0 bp 1.50%
Apr 4, 2017 ■ hold 1.50% 0 bp 1.50%
Mar 7, 2017 ■ hold 1.50% 0 bp 1.50%
Feb 7, 2017 ■ hold 1.50% 0 bp 1.50%
Dec 6, 2016 ■ hold 1.50% 0 bp 1.50%
Nov 1, 2016 ■ hold 1.50% 0 bp 1.50%
Oct 4, 2016 ■ hold 1.50% 0 bp 1.50%
Sep 6, 2016 ■ hold 1.50% 0 bp 1.50%
Aug 2, 2016 ▼ cut 1.50% −25 bp 1.50%
Jul 5, 2016 ■ hold 1.75% 0 bp 1.75%
Jun 7, 2016 ■ hold 1.75% 0 bp 1.75%
May 3, 2016 ▼ cut 1.75% −25 bp 2.00%
Apr 5, 2016 ■ hold 2.00% 0 bp 2.00%
Mar 1, 2016 ■ hold 2.00% 0 bp 2.00%
Feb 2, 2016 ■ hold 2.00% 0 bp 2.00%
Dec 1, 2015 ■ hold 2.00% 0 bp 2.00%
Nov 3, 2015 ■ hold 2.00% 0 bp 2.00%
Oct 6, 2015 ■ hold 2.00% 0 bp 2.00%
Sep 1, 2015 ■ hold 2.00% 0 bp 2.00%
Aug 4, 2015 ■ hold 2.00% 0 bp 2.00%
Jul 7, 2015 ■ hold 2.00% 0 bp 2.00%
Jun 2, 2015 ■ hold 2.00% 0 bp 2.00%
May 5, 2015 ▼ cut 2.00% −25 bp 2.00%
Apr 7, 2015 ■ hold 2.25% 0 bp 2.25%
Mar 3, 2015 ■ hold 2.25% 0 bp 2.00%
Feb 3, 2015 ▼ cut 2.25% −25 bp 2.50%
Dec 2, 2014 ■ hold 2.50% 0 bp 2.50%
Nov 4, 2014 ■ hold 2.50% 0 bp 2.50%
Oct 7, 2014 ■ hold 2.50% 0 bp 2.50%
Sep 2, 2014 ■ hold 2.50% 0 bp 2.50%
Aug 5, 2014 ■ hold 2.50% 0 bp 2.50%
Jul 1, 2014 ■ hold 2.50% 0 bp 2.50%
Jun 3, 2014 ■ hold 2.50% 0 bp 2.50%
May 6, 2014 ■ hold 2.50% 0 bp 2.50%
Apr 1, 2014 ■ hold 2.50% 0 bp 2.50%
Mar 4, 2014 ■ hold 2.50% 0 bp 2.50%
Feb 4, 2014 ■ hold 2.50% 0 bp 2.50%
Dec 3, 2013 ■ hold 2.50% 0 bp 2.50%
Nov 5, 2013 ■ hold 2.50% 0 bp 2.50%
Oct 1, 2013 ■ hold 2.50% 0 bp 2.50%
Sep 3, 2013 ■ hold 2.50% 0 bp 2.50%
Aug 6, 2013 ▼ cut 2.50% −25 bp 2.50%
Jul 2, 2013 ■ hold 2.75% 0 bp 2.75%
Jun 4, 2013 ■ hold 2.75% 0 bp 2.75%
May 7, 2013 ▼ cut 2.75% −25 bp 3.00%
Apr 2, 2013 ■ hold 3.00% 0 bp 3.00%
Mar 5, 2013 ■ hold 3.00% 0 bp 3.00%
Feb 5, 2013 ■ hold 3.00% 0 bp 3.00%
Dec 4, 2012 ▼ cut 3.00% −25 bp 3.00%
Nov 6, 2012 ■ hold 3.25% 0 bp 3.00%
Oct 2, 2012 ▼ cut 3.25% −25 bp 3.50%
Sep 4, 2012 ■ hold 3.50% 0 bp 3.50%
Aug 7, 2012 ■ hold 3.50% 0 bp 3.50%
Jul 3, 2012 ■ hold 3.50% 0 bp 3.50%
Jun 5, 2012 ▼ cut 3.50% −25 bp 3.50%
May 1, 2012 ▼ cut 3.75% −50 bp 4.00%
Apr 3, 2012 ■ hold 4.25% 0 bp 4.25%
Mar 6, 2012 ■ hold 4.25% 0 bp 4.25%
Feb 7, 2012 ■ hold 4.25% 0 bp 4.00%
Dec 6, 2011 ▼ cut 4.25% −25 bp 4.25%
Nov 1, 2011 ▼ cut 4.50% −25 bp 4.75%
Oct 4, 2011 ■ hold 4.75% 0 bp 4.75%
Sep 6, 2011 ■ hold 4.75% 0 bp 4.75%
Aug 2, 2011 ■ hold 4.75% 0 bp 4.75%
Jul 5, 2011 ■ hold 4.75% 0 bp 4.75%
Jun 7, 2011 ■ hold 4.75% 0 bp 4.75%
May 3, 2011 ■ hold 4.75% 0 bp 4.75%
Apr 5, 2011 ■ hold 4.75% 0 bp 4.75%
Mar 1, 2011 ■ hold 4.75% 0 bp 4.75%
Feb 1, 2011 ■ hold 4.75% 0 bp 4.75%
Dec 7, 2010 ■ hold 4.75% 0 bp 4.75%
Nov 2, 2010 ▲ hike 4.75% +25 bp 4.75%
Oct 5, 2010 ■ hold 4.50% 0 bp 4.75%
Sep 7, 2010 ■ hold 4.50% 0 bp 4.50%
Aug 3, 2010 ■ hold 4.50% 0 bp 4.50%
Jul 6, 2010 ■ hold 4.50% 0 bp 4.50%
Jun 1, 2010 ■ hold 4.50% 0 bp 4.50%
May 4, 2010 ▲ hike 4.50% +25 bp 4.50%
Apr 6, 2010 ▲ hike 4.25% +25 bp 4.25%
Mar 2, 2010 ▲ hike 4.00% +25 bp 4.00%
Feb 2, 2010 ■ hold 3.75% 0 bp 4.00%
Dec 1, 2009 ▲ hike 3.75% +25 bp 3.75%
Nov 3, 2009 ▲ hike 3.50% +25 bp 3.50%
Oct 6, 2009 ▲ hike 3.25% +25 bp 3.00%
Sep 1, 2009 ■ hold 3.00% 0 bp 3.00%
Aug 4, 2009 ■ hold 3.00% 0 bp 3.00%
Jul 7, 2009 ■ hold 3.00% 0 bp 3.00%
Jun 2, 2009 ■ hold 3.00% 0 bp 3.00%
May 5, 2009 ■ hold 3.00% 0 bp 3.00%
Apr 7, 2009 ▼ cut 3.00% −25 bp 3.25%
Mar 3, 2009 ■ hold 3.25% 0 bp 3.00%
Feb 3, 2009 ▼ cut 3.25% −100 bp 3.25%
Dec 2, 2008 ▼ cut 4.25% −100 bp 4.50%
Nov 4, 2008 ▼ cut 5.25% −75 bp 5.50%
Oct 7, 2008 ▼ cut 6.00% −100 bp 6.50%
Sep 2, 2008 ▼ cut 7.00% −25 bp 7.00%
Aug 5, 2008 ■ hold 7.25% 0 bp 7.25%
Jul 1, 2008 ■ hold 7.25% 0 bp 7.25%
Jun 3, 2008 ■ hold 7.25% 0 bp 7.25%
May 6, 2008 ■ hold 7.25% 0 bp 7.25%
Apr 1, 2008 ■ hold 7.25% 0 bp —
Mar 4, 2008 ▲ hike 7.25% +25 bp 7.25%
Feb 5, 2008 ▲ hike 7.00% +25 bp 7.00%

Source: FXStreet's economic calendar, read automatically. Expected is the economists' consensus where one was published. Check a figure against the RBA's own site before relying on it.

Next decisionRBA interest rate decisionNov 3, 2026, 2:30 PM Sydney CalendarRBA meeting dates 2026every decision of the year, with timesCalendarRBA meeting dates 2027every decision of the year, with times All banksCentral bank rates todaythe eight banks side by side
Questions

RBA Cash Rate history: questions

What is the RBA interest rate now?

4.60%, set on Tuesday, September 29, 2026. The next decision is on Tuesday, November 3, 2026 at 2:30 PM Sydney.

When did the RBA last change interest rates?

On Sep 29, 2026, a hike of 25 bp to 4.60%.

What is the highest the cash rate target has been since 2008?

7.25%, first set on Mar 4, 2008. The lowest was 0.10%, first set on Nov 3, 2020.

How many times did the RBA raise rates in its latest cycle?

4 times, +100 bp in all, from Feb 3, 2026 to Sep 29, 2026. The cutting cycle before it made 3 moves, −75 bp, from Feb 18, 2025 to Aug 12, 2025.

How often does the RBA surprise the market?

Of the 196 RBA decisions with a published consensus since Feb 5, 2008, 170 matched it, 10 came out above it (more hawkish than expected) and 16 below it (more dovish).

Where does this data come from?

FXStreet's economic calendar, read automatically and never typed by hand, and refreshed after every decision. The calendar misses a few meetings. Download it all as CSV.

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