RBA cash rate history
As at 12 November 2026 the Reserve Bank of Australia’s cash rate target is 4.85%. The Reserve Bank last raised it, by 0.25 percentage points, on 4 November 2026, with Anthony Albanese’s Labor government in office. Since January 1990 the target has been as high as 17.00–17.50% and as low as 0.10%.
The target finished lower than it started under four of the five governments since 1990. The exception is the current one, under which it has risen from 0.35% to 4.85%.
Cash rate target since 1990, shaded by the party in government
The Reserve Bank sets the cash rate target, not the government. The shading shows which party held office when each rate applied; names along the top are the prime ministers. Point at or tap the chart to read any date.
Where the rate started and finished under each government
| Government | Prime ministers | In office | Rate at start | Rate at end | Change, pts | Rises | Cuts |
|---|---|---|---|---|---|---|---|
| Labor | Hawke, Keating | Jan 1990 – Mar 1996 | 17.25% | 7.50% | −9.75 | 3 | 14 |
| Coalition | Howard | Mar 1996 – Dec 2007 | 7.50% | 6.75% | −0.75 | 15 | 12 |
| Labor | Rudd, Gillard | Dec 2007 – Sep 2013 | 6.75% | 2.50% | −4.25 | 9 | 14 |
| Coalition | Abbott, Turnbull, Morrison | Sep 2013 – May 2022 | 2.50% | 0.35% | −2.15 | 1 | 10 |
| Labor | Albanese | May 2022 – now | 0.35% | 4.85% | +4.50 | 17 | 3 |
The first row begins when the Reserve Bank’s published series does, in January 1990; Labor had been in office since March 1983. The last row runs to the latest decision, on 4 November 2026.
Every change to the cash rate target since 1990
| Effective date | Change, pts | New target, % |
|---|---|---|
| 4 Nov 2026 | +0.25 | 4.85 |
| 30 Sep 2026 | +0.25 | 4.60 |
| 6 May 2026 | +0.25 | 4.35 |
| 18 Mar 2026 | +0.25 | 4.10 |
| 4 Feb 2026 | +0.25 | 3.85 |
| 13 Aug 2025 | −0.25 | 3.60 |
| 21 May 2025 | −0.25 | 3.85 |
| 19 Feb 2025 | −0.25 | 4.10 |
| 8 Nov 2023 | +0.25 | 4.35 |
| 7 Jun 2023 | +0.25 | 4.10 |
| 3 May 2023 | +0.25 | 3.85 |
| 8 Mar 2023 | +0.25 | 3.60 |
| 8 Feb 2023 | +0.25 | 3.35 |
| 7 Dec 2022 | +0.25 | 3.10 |
| 2 Nov 2022 | +0.25 | 2.85 |
| 5 Oct 2022 | +0.25 | 2.60 |
| 7 Sep 2022 | +0.50 | 2.35 |
| 3 Aug 2022 | +0.50 | 1.85 |
| 6 Jul 2022 | +0.50 | 1.35 |
| 8 Jun 2022 | +0.50 | 0.85 |
| 4 May 2022 | +0.25 | 0.35 |
| 4 Nov 2020 | −0.15 | 0.10 |
| 20 Mar 2020 | −0.25 | 0.25 |
| 4 Mar 2020 | −0.25 | 0.50 |
| 2 Oct 2019 | −0.25 | 0.75 |
| 3 Jul 2019 | −0.25 | 1.00 |
| 5 Jun 2019 | −0.25 | 1.25 |
| 3 Aug 2016 | −0.25 | 1.50 |
| 4 May 2016 | −0.25 | 1.75 |
| 6 May 2015 | −0.25 | 2.00 |
| 4 Feb 2015 | −0.25 | 2.25 |
| 7 Aug 2013 | −0.25 | 2.50 |
| 8 May 2013 | −0.25 | 2.75 |
| 5 Dec 2012 | −0.25 | 3.00 |
| 3 Oct 2012 | −0.25 | 3.25 |
| 6 Jun 2012 | −0.25 | 3.50 |
| 2 May 2012 | −0.50 | 3.75 |
| 7 Dec 2011 | −0.25 | 4.25 |
| 2 Nov 2011 | −0.25 | 4.50 |
| 3 Nov 2010 | +0.25 | 4.75 |
| 5 May 2010 | +0.25 | 4.50 |
| 7 Apr 2010 | +0.25 | 4.25 |
| 3 Mar 2010 | +0.25 | 4.00 |
| 2 Dec 2009 | +0.25 | 3.75 |
| 4 Nov 2009 | +0.25 | 3.50 |
| 7 Oct 2009 | +0.25 | 3.25 |
| 8 Apr 2009 | −0.25 | 3.00 |
| 4 Feb 2009 | −1.00 | 3.25 |
| 3 Dec 2008 | −1.00 | 4.25 |
| 5 Nov 2008 | −0.75 | 5.25 |
| 8 Oct 2008 | −1.00 | 6.00 |
| 3 Sep 2008 | −0.25 | 7.00 |
| 5 Mar 2008 | +0.25 | 7.25 |
| 6 Feb 2008 | +0.25 | 7.00 |
| 7 Nov 2007 | +0.25 | 6.75 |
| 8 Aug 2007 | +0.25 | 6.50 |
| 8 Nov 2006 | +0.25 | 6.25 |
| 2 Aug 2006 | +0.25 | 6.00 |
| 3 May 2006 | +0.25 | 5.75 |
| 2 Mar 2005 | +0.25 | 5.50 |
| 3 Dec 2003 | +0.25 | 5.25 |
| 5 Nov 2003 | +0.25 | 5.00 |
| 5 Jun 2002 | +0.25 | 4.75 |
| 8 May 2002 | +0.25 | 4.50 |
| 5 Dec 2001 | −0.25 | 4.25 |
| 3 Oct 2001 | −0.25 | 4.50 |
| 5 Sep 2001 | −0.25 | 4.75 |
| 4 Apr 2001 | −0.50 | 5.00 |
| 7 Mar 2001 | −0.25 | 5.50 |
| 7 Feb 2001 | −0.50 | 5.75 |
| 2 Aug 2000 | +0.25 | 6.25 |
| 3 May 2000 | +0.25 | 6.00 |
| 5 Apr 2000 | +0.25 | 5.75 |
| 2 Feb 2000 | +0.50 | 5.50 |
| 3 Nov 1999 | +0.25 | 5.00 |
| 2 Dec 1998 | −0.25 | 4.75 |
| 30 Jul 1997 | −0.50 | 5.00 |
| 23 May 1997 | −0.50 | 5.50 |
| 11 Dec 1996 | −0.50 | 6.00 |
| 6 Nov 1996 | −0.50 | 6.50 |
| 31 Jul 1996 | −0.50 | 7.00 |
| 14 Dec 1994 | +1.00 | 7.50 |
| 24 Oct 1994 | +1.00 | 6.50 |
| 17 Aug 1994 | +0.75 | 5.50 |
| 30 Jul 1993 | −0.50 | 4.75 |
| 23 Mar 1993 | −0.50 | 5.25 |
| 8 Jul 1992 | −0.75 | 5.75 |
| 6 May 1992 | −1.00 | 6.50 |
| 8 Jan 1992 | −1.00 | 7.50 |
| 6 Nov 1991 | −1.00 | 8.50 |
| 3 Sep 1991 | −1.00 | 9.50 |
| 16 May 1991 | −1.00 | 10.50 |
| 4 Apr 1991 | −0.50 | 11.50 |
| 18 Dec 1990 | −1.00 | 12.00 |
| 15 Oct 1990 | −1.00 | 13.00 |
| 2 Aug 1990 | −1.00 | 14.00 |
| 4 Apr 1990 | −1.00–−1.50 | 15.00–15.50 |
| 15 Feb 1990 | −0.50 | 16.50–17.00 |
| 23 Jan 1990 | −0.50–−1.00 | 17.00–17.50 |
Notes and sources
- Cash rate data: Reserve Bank of Australia, Cash Rate Target, every decision from 23 January 1990, copied on 12 November 2026.
- From January to July 1990 the Reserve Bank published a target range, such as 17.00 to 17.50 per cent. The line, and the first row of the table, use the midpoint of each range.
- The line is stepped: a target applies from its effective date until the next change.
- A government starts on the day its prime minister was sworn in. Coalition means the Liberal–National Coalition. A rate decision made during an election campaign counts for the government then in office.
Prudential Finance, extraordinary finance solutions for over 24 years.
Call 1300 550 669 or email hello@pru.com.au
