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Rate History

RBA Cash Rate History

The Reserve Bank of Australia has met regularly since 1990 to set the overnight cash rate target — the benchmark interest rate that flows through to mortgages, savings accounts, and borrowing costs across the entire economy. Below is a complete record of every rate decision since January 2000, covering more than two decades of monetary policy cycles.

17.50%
All-time high (Jan 1990)
0.10%
Historic low (Nov 2020)
4.35%
Current rate (2026)
+425 bps
2022–23 hiking cycle

Key RBA Rate Milestones

2000–2007 · Stable Growth Era
Gradual adjustments around 5–6%
The RBA navigated the dot-com bust and commodity boom with measured moves. Rates peaked at 6.75% in March 2008 as inflation pressures built before the GFC.
2008–2009 · Global Financial Crisis
7.25% → 3.00% in nine months
The RBA acted swiftly and decisively, delivering 425 basis points of cuts including an emergency 100bp move in October 2008. Australia avoided recession — the only developed economy to do so.
2009–2011 · Post-GFC Hiking Cycle
3.00% → 4.75% as the mining boom roared
Australia's resources-driven recovery prompted seven consecutive rate hikes. The RBA raised rates to 4.75% by November 2010, then paused as global headwinds returned.
2011–2019 · Long Easing Cycle
4.75% → 0.75% over eight years
Below-target inflation, subdued wages, and sluggish growth prompted a sustained sequence of cuts. The RBA was cutting as recently as October 2019, before the pandemic.
2020 · COVID-19 Emergency
0.75% → 0.10%: historic low
Three cuts in 2020 — including an emergency inter-meeting cut in March — brought the cash rate to a record low of 0.10%. The RBA also launched quantitative easing (bond purchases) for the first time.
2022–2023 · Inflation Hiking Cycle
0.10% → 4.35%: fastest in a generation
Surging inflation — peaking above 8% — triggered the most aggressive tightening cycle in 30 years. 13 hikes over 18 months brought the cash rate to 4.35% by November 2023, where it has remained since.

Complete Rate Decision History (2000–2026)

⚠️ Historical dates are approximate for records prior to 2015. Actual meeting dates may differ slightly. Always verify with the official RBA decision archive for precise dates and official statements.
Date Decision Change New Rate
2000 — Pre-GFC Cycle Begins
2 Aug 2000Hike+25 bps6.25%
8 Nov 2000Hike+25 bps6.50%
2001 — Dot-Com Bust Cuts
7 Feb 2001Cut−25 bps6.25%
7 Mar 2001Cut−25 bps6.00%
4 Apr 2001Cut−25 bps5.75%
2 May 2001Cut−25 bps5.50%
5 Sep 2001Cut−25 bps5.25%
3 Oct 2001Cut−50 bps4.75%
5 Dec 2001Cut−25 bps4.50%
2002–2004 — Recovery & Stabilisation
5 Jun 2002Hike+25 bps4.75%
6 Nov 2002Hike+25 bps5.00%
4 Jun 2003Cut−25 bps4.75%
3 Dec 2003Hike+25 bps5.00%
3 Mar 2004Hike+25 bps5.25%
2005–2007 — Commodity Boom, Gradual Tightening
2 Mar 2005Hike+25 bps5.50%
2 May 2006Hike+25 bps5.75%
2 Aug 2006Hike+25 bps6.00%
8 Nov 2006Hike+25 bps6.25%
7 Aug 2007Hike+25 bps6.50%
7 Nov 2007Hike+25 bps6.75%
2008 — Pre-GFC Peak & Emergency Cuts
5 Feb 2008Hike+25 bps7.00%
4 Mar 2008Hike+25 bps7.25%
2 Sep 2008Cut−25 bps7.00%
7 Oct 2008Cut−100 bps6.00%
4 Nov 2008Cut−75 bps5.25%
2 Dec 2008Cut−100 bps4.25%
2009 — GFC Trough & Recovery
3 Feb 2009Cut−100 bps3.25%
3 Mar 2009Cut−25 bps3.00%
6 Oct 2009Hike+25 bps3.25%
3 Nov 2009Hike+25 bps3.50%
2010–2011 — Mining Boom Hiking Cycle
2 Mar 2010Hike+25 bps4.00%
6 Apr 2010Hike+25 bps4.25%
4 May 2010Hike+25 bps4.50%
3 Nov 2010Hike+25 bps4.75%
2011–2013 — Europe Debt Crisis, Cuts Resume
1 Nov 2011Cut−25 bps4.50%
5 Jun 2012Cut−25 bps3.50%
7 Aug 2012Cut−25 bps3.25%
2 Oct 2012Cut−25 bps3.00%
7 May 2013Cut−25 bps2.75%
6 Aug 2013Cut−25 bps2.50%
2014–2015 — Extended Hold, Then Cuts
3 Feb 2015Cut−25 bps2.25%
5 May 2015Cut−25 bps2.00%
2016–2019 — Low-for-Long Era
3 May 2016Cut−25 bps1.75%
2 Aug 2016Cut−25 bps1.50%
4 Jun 2019Cut−25 bps1.25%
2 Jul 2019Cut−25 bps1.00%
1 Oct 2019Cut−25 bps0.75%
2020 — COVID-19 Emergency Response
3 Mar 2020Cut−25 bps0.50%
19 Mar 2020Cut−25 bps0.25%
3 Nov 2020Cut−15 bps0.10%
2021 — Unchanged at Historic Low
All meetingsHold0 bps0.10%
2022 — Fastest Tightening Cycle in 30 Years
3 May 2022Hike+25 bps0.35%
7 Jun 2022Hike+50 bps0.85%
5 Jul 2022Hike+50 bps1.35%
2 Aug 2022Hike+50 bps1.85%
6 Sep 2022Hike+50 bps2.35%
4 Oct 2022Hike+25 bps2.60%
1 Nov 2022Hike+25 bps2.85%
6 Dec 2022Hike+25 bps3.10%
2023 — Inflation Fight Continues, Peak Reached
7 Feb 2023Hike+25 bps3.35%
7 Mar 2023Hike+25 bps3.60%
4 Apr 2023Hold0 bps3.60%
2 May 2023Hike+25 bps3.85%
6 Jun 2023Hike+25 bps4.10%
4 Jul 2023Hold0 bps4.10%
1 Aug 2023Hike+25 bps4.35%
5 Sep 2023Hold0 bps4.35%
3 Oct 2023Hold0 bps4.35%
7 Nov 2023Hold0 bps4.35%
5 Dec 2023Hold0 bps4.35%
2024 — Extended Hold at 4.35%
6 Feb 2024Hold0 bps4.35%
19 Mar 2024Hold0 bps4.35%
7 May 2024Hold0 bps4.35%
18 Jun 2024Hold0 bps4.35%
6 Aug 2024Hold0 bps4.35%
24 Sep 2024Hold0 bps4.35%
5 Nov 2024Hold0 bps4.35%
10 Dec 2024Hold0 bps4.35%
2025 — Hold Maintained
18 Feb 2025Hold0 bps4.35%
1 Apr 2025Hold0 bps4.35%
20 May 2025Hold0 bps4.35%
8 Jul 2025Hold0 bps4.35%
19 Aug 2025Hold0 bps4.35%
30 Sep 2025Hold0 bps4.35%
4 Nov 2025Hold0 bps4.35%
9 Dec 2025Hold0 bps4.35%
2026 — Markets Watching for Next Move
17 Feb 2026Hold0 bps4.35%
7 Apr 2026Hold0 bps4.35%
19 May 2026Hold0 bps4.35%
7 Jul 2026Hold0 bps4.35%
11 Aug 2026Hold0 bps4.35%

What Drives RBA Rate Decisions?

The RBA's primary mandate is price stability — keeping inflation between 2% and 3% over the medium term — while also supporting full employment and economic prosperity. In practice, the board weighs a complex mix of indicators at each meeting.

Inflation (CPI) is the most watched indicator. When the quarterly CPI print comes in above target, the board faces pressure to tighten. The 2022–23 cycle was largely a direct response to inflation running above 8% — well outside the 2–3% band.

Labour market conditions — particularly the unemployment rate and wages growth — signal whether the economy has excess capacity. A tight labour market with rising wages (as in 2022–23) is inflationary; rising unemployment gives the RBA room to cut without stoking price pressures.

Global conditions matter too. Australia is a small open economy deeply integrated with China and global commodity markets. A US recession, a Chinese slowdown, or a global financial shock can force the RBA's hand regardless of domestic data.

The exchange rate and credit conditions also factor in. A falling Australian dollar imports inflation; a strong dollar provides some disinflationary relief and may give the RBA scope to move more cautiously.

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