RBNZ Official Cash Rate History
The Reserve Bank of New Zealand's Official Cash Rate is 2.75% after the decision of Oct 28, 2026. The calendar lists 139 RBNZ decisions since Jan 24, 2008: 20 hikes, 27 cuts and 92 holds; the last change was +25 bp on Sep 2, 2026.
Rate now2.75%Official Cash Rate
Last change+25 bpSep 2, 2026
Since 200820▲ 27▼hikes and cuts in 139 decisions
Range0.25% to 8.25%lowest to highest
The chart
RBNZ Official Cash Rate since 2008
Each step is a decision. Shaded: the hiking cycles in red and the cutting cycles in green.
Cycles
RBNZ 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.
| Cycle | From | To | Moves | In all | Rate |
|---|---|---|---|---|---|
| ▲ Hiking latest | Jul 8, 2026 | Sep 2, 2026 | 2 | +50 bp | 2.25% → 2.75% |
| ▼ Cutting | Aug 14, 2024 | Nov 26, 2025 | 9 | −325 bp | 5.50% → 2.25% |
| ▲ Hiking | Oct 6, 2021 | May 24, 2023 | 12 | +525 bp | 0.25% → 5.50% |
| ▼ Cutting | Jun 11, 2015 | Mar 16, 2020 | 10 | −325 bp | 3.50% → 0.25% |
| ▲ Hiking | Mar 13, 2014 | Jul 24, 2014 | 4 | +100 bp | 2.50% → 3.50% |
| ▼ Cutting | Mar 10, 2011 | one move | 1 | −50 bp | 3.00% → 2.50% |
| ▲ Hiking | Jun 10, 2010 | Jul 29, 2010 | 2 | +50 bp | 2.50% → 3.00% |
| ▼ Cutting | Jul 24, 2008 | Apr 30, 2009 | 7 | −575 bp | 8.25% → 2.50% |
By year
RBNZ Official Cash Rate by year
How many times the RBNZ met in each year, what it did, and where the rate ended the year.
| Year | Decisions | Hikes | Cuts | Holds | Net change | Year end |
|---|---|---|---|---|---|---|
| 2026 so far | 6 | 2 | — | 4 | +50 bp | 2.75% |
| 2025 | 7 | — | 6 | 1 | −200 bp | 2.25% |
| 2024 | 7 | — | 3 | 4 | −125 bp | 4.25% |
| 2023 | 7 | 3 | — | 4 | +125 bp | 5.50% |
| 2022 | 7 | 7 | — | — | +350 bp | 4.25% |
| 2021 | 7 | 2 | — | 5 | +50 bp | 0.75% |
| 2020 | 7 | — | 1 | 6 | −75 bp | 0.25% |
| 2019 | 7 | — | 2 | 5 | −75 bp | 1.00% |
| 2018 | 7 | — | — | 7 | 0 bp | 1.75% |
| 2017 | 7 | — | — | 7 | 0 bp | 1.75% |
| 2016 | 7 | — | 3 | 4 | −75 bp | 1.75% |
| 2015 | 8 | — | 4 | 4 | −100 bp | 2.50% |
| 2014 | 8 | 4 | — | 4 | +100 bp | 3.50% |
| 2013 | 8 | — | — | 8 | 0 bp | 2.50% |
| 2012 | 8 | — | — | 8 | 0 bp | 2.50% |
| 2011 | 8 | — | 1 | 7 | −50 bp | 2.50% |
| 2010 | 8 | 2 | — | 6 | +50 bp | 3.00% |
| 2009 | 7 | — | 3 | 4 | −250 bp | 2.50% |
| 2008 | 8 | — | 4 | 4 | −325 bp | 5.00% |
Records
The RBNZ's records since 2008
Highest8.25%first set Jan 24, 2008
Lowest0.25%first set Mar 16, 2020
Biggest move−150 bpDec 4, 2008, to 5.00%
Longest hold23decisions in a row with no change, Apr 28, 2011 to Jan 30, 2014
Against the consensus122/138matched it; 5 came out above (hawkish), 11 below (dovish)
Every decision
Every RBNZ interest rate decision since 2008
Newest first. The decisions since 2025 open on their own page, with the minutes of price around them.
| Date | Decision | Rate | Change | Expected |
|---|---|---|---|---|
| Oct 28, 2026 | ■ hold | 2.75% | 0 bp | 3.00% |
| Sep 2, 2026 | ▲ hike | 2.75% | +25 bp | 2.75% |
| Jul 8, 2026 | ▲ hike | 2.50% | +25 bp | 2.50% |
| May 27, 2026 | ■ hold | 2.25% | 0 bp | 2.25% |
| Apr 8, 2026 | ■ hold | 2.25% | 0 bp | 2.25% |
| Feb 18, 2026 | ■ hold | 2.25% | 0 bp | 2.25% |
| Nov 26, 2025 | ▼ cut | 2.25% | −25 bp | 2.25% |
| Oct 8, 2025 | ▼ cut | 2.50% | −50 bp | 2.75% |
| Aug 20, 2025 | ▼ cut | 3.00% | −25 bp | 3.00% |
| Jul 9, 2025 | ■ hold | 3.25% | 0 bp | 3.25% |
| May 28, 2025 | ▼ cut | 3.25% | −25 bp | 3.25% |
| Apr 9, 2025 | ▼ cut | 3.50% | −25 bp | 3.50% |
| Feb 19, 2025 | ▼ cut | 3.75% | −50 bp | 3.75% |
| Nov 27, 2024 | ▼ cut | 4.25% | −50 bp | 4.25% |
| Oct 9, 2024 | ▼ cut | 4.75% | −50 bp | 4.75% |
| Aug 14, 2024 | ▼ cut | 5.25% | −25 bp | 5.50% |
| Jul 10, 2024 | ■ hold | 5.50% | 0 bp | 5.50% |
| May 22, 2024 | ■ hold | 5.50% | 0 bp | 5.50% |
| Apr 10, 2024 | ■ hold | 5.50% | 0 bp | 5.50% |
| Feb 28, 2024 | ■ hold | 5.50% | 0 bp | 5.50% |
| Nov 29, 2023 | ■ hold | 5.50% | 0 bp | 5.50% |
| Oct 4, 2023 | ■ hold | 5.50% | 0 bp | 5.50% |
| Aug 16, 2023 | ■ hold | 5.50% | 0 bp | 5.50% |
| Jul 12, 2023 | ■ hold | 5.50% | 0 bp | 5.50% |
| May 24, 2023 | ▲ hike | 5.50% | +25 bp | 5.50% |
| Apr 5, 2023 | ▲ hike | 5.25% | +50 bp | 5.00% |
| Feb 22, 2023 | ▲ hike | 4.75% | +50 bp | 4.75% |
| Nov 23, 2022 | ▲ hike | 4.25% | +75 bp | 4.25% |
| Oct 5, 2022 | ▲ hike | 3.50% | +50 bp | 3.50% |
| Aug 17, 2022 | ▲ hike | 3.00% | +50 bp | 3.00% |
| Jul 13, 2022 | ▲ hike | 2.50% | +50 bp | 2.50% |
| May 25, 2022 | ▲ hike | 2.00% | +50 bp | 2.00% |
| Apr 13, 2022 | ▲ hike | 1.50% | +50 bp | 1.25% |
| Feb 23, 2022 | ▲ hike | 1.00% | +25 bp | 1.00% |
| Nov 24, 2021 | ▲ hike | 0.75% | +25 bp | 0.75% |
| Oct 6, 2021 | ▲ hike | 0.50% | +25 bp | 0.50% |
| Aug 18, 2021 | ■ hold | 0.25% | 0 bp | 0.50% |
| Jul 14, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| May 26, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Apr 14, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Feb 24, 2021 | ■ hold | 0.25% | 0 bp | 0.25% |
| Nov 11, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| Sep 23, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| Aug 12, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| Jun 24, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| May 13, 2020 | ■ hold | 0.25% | 0 bp | 0.25% |
| Mar 16, 2020 | ▼ cut | 0.25% | −75 bp | — |
| Feb 12, 2020 | ■ hold | 1.00% | 0 bp | 1.00% |
| Nov 13, 2019 | ■ hold | 1.00% | 0 bp | 0.75% |
| Sep 25, 2019 | ■ hold | 1.00% | 0 bp | 1.00% |
| Aug 7, 2019 | ▼ cut | 1.00% | −50 bp | 1.25% |
| Jun 26, 2019 | ■ hold | 1.50% | 0 bp | 1.50% |
| May 8, 2019 | ▼ cut | 1.50% | −25 bp | 1.50% |
| Mar 27, 2019 | ■ hold | 1.75% | 0 bp | 1.75% |
| Feb 13, 2019 | ■ hold | 1.75% | 0 bp | 1.75% |
| Nov 8, 2018 | ■ hold | 1.75% | 0 bp | 1.75% |
| Sep 27, 2018 | ■ hold | 1.75% | 0 bp | 1.75% |
| Aug 9, 2018 | ■ hold | 1.75% | 0 bp | 1.75% |
| Jun 28, 2018 | ■ hold | 1.75% | 0 bp | 1.75% |
| May 10, 2018 | ■ hold | 1.75% | 0 bp | 1.75% |
| Mar 22, 2018 | ■ hold | 1.75% | 0 bp | 1.75% |
| Feb 8, 2018 | ■ hold | 1.75% | 0 bp | 1.75% |
| Nov 9, 2017 | ■ hold | 1.75% | 0 bp | 1.75% |
| Sep 28, 2017 | ■ hold | 1.75% | 0 bp | 1.75% |
| Aug 10, 2017 | ■ hold | 1.75% | 0 bp | 1.75% |
| Jun 22, 2017 | ■ hold | 1.75% | 0 bp | 1.75% |
| May 11, 2017 | ■ hold | 1.75% | 0 bp | 1.75% |
| Mar 23, 2017 | ■ hold | 1.75% | 0 bp | 1.75% |
| Feb 9, 2017 | ■ hold | 1.75% | 0 bp | 1.75% |
| Nov 10, 2016 | ▼ cut | 1.75% | −25 bp | 1.75% |
| Sep 22, 2016 | ■ hold | 2.00% | 0 bp | 2.00% |
| Aug 11, 2016 | ▼ cut | 2.00% | −25 bp | 2.00% |
| Jun 9, 2016 | ■ hold | 2.25% | 0 bp | 2.25% |
| Apr 28, 2016 | ■ hold | 2.25% | 0 bp | 2.25% |
| Mar 10, 2016 | ▼ cut | 2.25% | −25 bp | 2.50% |
| Jan 28, 2016 | ■ hold | 2.50% | 0 bp | 2.50% |
| Dec 10, 2015 | ▼ cut | 2.50% | −25 bp | 2.50% |
| Oct 29, 2015 | ■ hold | 2.75% | 0 bp | 2.75% |
| Sep 10, 2015 | ▼ cut | 2.75% | −25 bp | 2.75% |
| Jul 23, 2015 | ▼ cut | 3.00% | −25 bp | 3.00% |
| Jun 11, 2015 | ▼ cut | 3.25% | −25 bp | 3.50% |
| Apr 30, 2015 | ■ hold | 3.50% | 0 bp | 3.50% |
| Mar 12, 2015 | ■ hold | 3.50% | 0 bp | 3.50% |
| Jan 29, 2015 | ■ hold | 3.50% | 0 bp | 3.50% |
| Dec 11, 2014 | ■ hold | 3.50% | 0 bp | 3.50% |
| Oct 30, 2014 | ■ hold | 3.50% | 0 bp | 3.50% |
| Sep 11, 2014 | ■ hold | 3.50% | 0 bp | 3.50% |
| Jul 24, 2014 | ▲ hike | 3.50% | +25 bp | 3.50% |
| Jun 12, 2014 | ▲ hike | 3.25% | +25 bp | 3.25% |
| Apr 24, 2014 | ▲ hike | 3.00% | +25 bp | 3.00% |
| Mar 13, 2014 | ▲ hike | 2.75% | +25 bp | 2.75% |
| Jan 30, 2014 | ■ hold | 2.50% | 0 bp | 2.50% |
| Dec 12, 2013 | ■ hold | 2.50% | 0 bp | 2.50% |
| Oct 31, 2013 | ■ hold | 2.50% | 0 bp | 2.50% |
| Sep 12, 2013 | ■ hold | 2.50% | 0 bp | 2.50% |
| Jul 25, 2013 | ■ hold | 2.50% | 0 bp | 2.50% |
| Jun 13, 2013 | ■ hold | 2.50% | 0 bp | 2.50% |
| Apr 24, 2013 | ■ hold | 2.50% | 0 bp | 2.50% |
| Mar 14, 2013 | ■ hold | 2.50% | 0 bp | 2.50% |
| Jan 31, 2013 | ■ hold | 2.50% | 0 bp | 2.50% |
| Dec 6, 2012 | ■ hold | 2.50% | 0 bp | 2.50% |
| Oct 25, 2012 | ■ hold | 2.50% | 0 bp | 2.50% |
| Sep 13, 2012 | ■ hold | 2.50% | 0 bp | 2.50% |
| Jul 26, 2012 | ■ hold | 2.50% | 0 bp | 2.50% |
| Jun 14, 2012 | ■ hold | 2.50% | 0 bp | 2.50% |
| Apr 26, 2012 | ■ hold | 2.50% | 0 bp | 2.50% |
| Mar 8, 2012 | ■ hold | 2.50% | 0 bp | 2.50% |
| Jan 26, 2012 | ■ hold | 2.50% | 0 bp | 2.50% |
| Dec 8, 2011 | ■ hold | 2.50% | 0 bp | 2.50% |
| Oct 27, 2011 | ■ hold | 2.50% | 0 bp | 2.50% |
| Sep 15, 2011 | ■ hold | 2.50% | 0 bp | 2.50% |
| Jul 28, 2011 | ■ hold | 2.50% | 0 bp | 2.50% |
| Jun 9, 2011 | ■ hold | 2.50% | 0 bp | 2.50% |
| Apr 28, 2011 | ■ hold | 2.50% | 0 bp | 2.50% |
| Mar 10, 2011 | ▼ cut | 2.50% | −50 bp | 2.75% |
| Jan 27, 2011 | ■ hold | 3.00% | 0 bp | 3.00% |
| Dec 9, 2010 | ■ hold | 3.00% | 0 bp | 3.00% |
| Oct 28, 2010 | ■ hold | 3.00% | 0 bp | 3.00% |
| Sep 16, 2010 | ■ hold | 3.00% | 0 bp | 3.00% |
| Jul 29, 2010 | ▲ hike | 3.00% | +25 bp | 3.00% |
| Jun 10, 2010 | ▲ hike | 2.75% | +25 bp | 2.75% |
| Apr 29, 2010 | ■ hold | 2.50% | 0 bp | 2.50% |
| Mar 11, 2010 | ■ hold | 2.50% | 0 bp | 2.50% |
| Jan 28, 2010 | ■ hold | 2.50% | 0 bp | 2.50% |
| Dec 10, 2009 | ■ hold | 2.50% | 0 bp | 2.50% |
| Oct 29, 2009 | ■ hold | 2.50% | 0 bp | 2.50% |
| Sep 10, 2009 | ■ hold | 2.50% | 0 bp | 2.50% |
| Jun 11, 2009 | ■ hold | 2.50% | 0 bp | 2.25% |
| Apr 30, 2009 | ▼ cut | 2.50% | −50 bp | 2.50% |
| Mar 12, 2009 | ▼ cut | 3.00% | −50 bp | 2.75% |
| Jan 29, 2009 | ▼ cut | 3.50% | −150 bp | 4.00% |
| Dec 4, 2008 | ▼ cut | 5.00% | −150 bp | 5.00% |
| Oct 23, 2008 | ▼ cut | 6.50% | −100 bp | 6.50% |
| Sep 11, 2008 | ▼ cut | 7.50% | −50 bp | 7.75% |
| Jul 24, 2008 | ▼ cut | 8.00% | −25 bp | 8.25% |
| Jun 5, 2008 | ■ hold | 8.25% | 0 bp | 8.25% |
| Apr 24, 2008 | ■ hold | 8.25% | 0 bp | 8.25% |
| Mar 6, 2008 | ■ hold | 8.25% | 0 bp | 8.25% |
| Jan 24, 2008 | ■ hold | 8.25% | 0 bp | 8.25% |
Source: FXStreet's economic calendar, read automatically. Expected is the economists' consensus where one was published. Check a figure against the RBNZ's own site before relying on it.
Questions
RBNZ Official Cash Rate history: questions
What is the RBNZ interest rate now?
2.75%, set on Wednesday, October 28, 2026. The next decision is on Wednesday, December 9, 2026 at 2:00 PM Wellington.
When did the RBNZ last change interest rates?
On Sep 2, 2026, a hike of 25 bp to 2.75%.
What is the highest the Official Cash Rate has been since 2008?
8.25%, first set on Jan 24, 2008. The lowest was 0.25%, first set on Mar 16, 2020.
How many times did the RBNZ raise rates in its latest cycle?
2 times, +50 bp in all, from Jul 8, 2026 to Sep 2, 2026. The cutting cycle before it made 9 moves, −325 bp, from Aug 14, 2024 to Nov 26, 2025.
How often does the RBNZ surprise the market?
Of the 138 RBNZ decisions with a published consensus since Jan 24, 2008, 122 matched it, 5 came out above it (more hawkish than expected) and 11 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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