Last updated: 28 October 2026 · Reading time: 7 minutes
The RBA cash rate is 4.60%. It has applied since 30 September 2026, after the Reserve Bank's Monetary Policy Board raised it by 0.25 of a percentage point on 29 September 2026. The next decision is on Tuesday 3 November 2026 at 2.30pm Sydney time, which is 11.30am in Perth.
This page lists every Board meeting date for 2026 and 2027, the cash rate changes since 2025, and what a 0.25 point move means for monthly repayments. Every rate, date and inflation figure comes from the Reserve Bank or the Australian Bureau of Statistics, and the sources are listed at the end. The repayment figures and local times are our own calculations from those sources. All figures were checked against those sources on 28 October 2026.
This page is general information, not personal financial or credit advice.
What is the RBA cash rate today?
| Item | Figure |
|---|---|
| Cash rate target | 4.60% |
| In effect since | 30 September 2026 |
| Last change | Up 0.25 of a percentage point, decided 29 September 2026 |
| Changes in 2026 | Four rises (February, March, May and September), 1.00 percentage point in total |
| Next decision | Tuesday 3 November 2026, 2.30pm Sydney time |
Source: Reserve Bank of Australia, Cash Rate Target table and monetary policy decision of 29 September 2026.
The cash rate is the interest rate on overnight loans between banks. The Reserve Bank sets a target for it, and lenders take it into account when they set their own home loan rates. Your lender sets your home loan rate, not the Reserve Bank, and it does not necessarily move with the cash rate.
When is the next RBA meeting?
The Monetary Policy Board meets eight times a year. Each meeting runs over two days, and the Reserve Bank publishes the decision in a media release at 2.30pm Sydney time after the meeting, on the second day.
RBA meeting dates 2026
| Board meeting | Decision day | Perth time |
|---|---|---|
| 2 and 3 February | Tuesday 3 February (rise to 3.85%) | 11.30am |
| 16 and 17 March | Tuesday 17 March (rise to 4.10%) | 11.30am |
| 4 and 5 May | Tuesday 5 May (rise to 4.35%) | 12.30pm |
| 15 and 16 June | Tuesday 16 June (hold at 4.35%) | 12.30pm |
| 10 and 11 August | Tuesday 11 August (hold at 4.35%) | 12.30pm |
| 28 and 29 September | Tuesday 29 September (rise to 4.60%) | 12.30pm |
| 2 and 3 November | Tuesday 3 November (next decision) | 11.30am |
| 7 and 8 December | Tuesday 8 December | 11.30am |
RBA meeting dates 2027
| Board meeting | Decision day | Perth time |
|---|---|---|
| 8 and 9 February | Tuesday 9 February | 11.30am |
| 22 and 23 March | Tuesday 23 March | 11.30am |
| 3 and 4 May | Tuesday 4 May | 12.30pm |
| 21 and 22 June | Tuesday 22 June | 12.30pm |
| 9 and 10 August | Tuesday 10 August | 12.30pm |
| 27 and 28 September | Tuesday 28 September | 12.30pm |
| 1 and 2 November | Tuesday 2 November | 11.30am |
| 13 and 14 December | Tuesday 14 December | 11.30am |
Source: Reserve Bank of Australia, Board meeting schedules and Interest Rate Decisions. Perth times are our conversion from 2.30pm Sydney time, which moves with daylight saving in New South Wales.
What time is the decision in your city on 3 November 2026?
| City | Local time |
|---|---|
| Sydney, Melbourne, Canberra and Hobart | 2.30pm |
| Adelaide | 2.00pm |
| Brisbane | 1.30pm |
| Darwin | 1.00pm |
| Perth | 11.30am |
How has the cash rate moved since 2025?
The Reserve Bank's table lists the date each decision took effect, which is the day after the Board's decision.
| In effect from | Change (percentage points) | Cash rate |
|---|---|---|
| 30 September 2026 | Up 0.25 | 4.60% |
| 12 August 2026 | No change | 4.35% |
| 17 June 2026 | No change | 4.35% |
| 6 May 2026 | Up 0.25 | 4.35% |
| 18 March 2026 | Up 0.25 | 4.10% |
| 4 February 2026 | Up 0.25 | 3.85% |
| 10 December 2025 | No change | 3.60% |
| 5 November 2025 | No change | 3.60% |
| 1 October 2025 | No change | 3.60% |
| 13 August 2025 | Down 0.25 | 3.60% |
| 9 July 2025 | No change | 3.85% |
| 21 May 2025 | Down 0.25 | 3.85% |
| 2 April 2025 | No change | 4.10% |
| 19 February 2025 | Down 0.25 | 4.10% |
Source: Reserve Bank of Australia, Cash Rate Target table.
For the longer view: the cash rate was 0.10% until May 2022. Thirteen rises between May 2022 and November 2023 took it to 4.35%, where it stayed through 2024. Three cuts in 2025 brought it down to 3.60% by August 2025. The four rises of 2026 then took it to 4.60%, its highest level in that whole period.
What happened at the May 2026 meeting?
On Tuesday 5 May 2026 the Board raised the cash rate by 0.25 of a percentage point to 4.35%, in effect from 6 May. It was the third rise of 2026, after February and March, and it put the cash rate back at the level it held from November 2023 to February 2025. The Board then held at 4.35% in June and August before raising the rate again to 4.60% in September.
What does a 0.25 point change mean for your repayments?
The table starts from 6.24%, the average interest rate on new owner occupier home loans in August 2026, the latest month the Reserve Bank has published. It shows the monthly repayment on a 30 year principal and interest loan at that rate, and how much it changes if your rate moves up to 6.49% or down to 5.99%.
| Loan | Repayment at 6.24% | Rate up 0.25 | Rate down 0.25 |
|---|---|---|---|
| $400,000 | $2,460 | $66 more | $64 less |
| $500,000 | $3,075 | $82 more | $80 less |
| $600,000 | $3,690 | $98 more | $97 less |
| $700,000 | $4,305 | $115 more | $113 less |
| $800,000 | $4,921 | $130 more | $130 less |
| $1,000,000 | $6,151 | $163 more | $162 less |
Source for the 6.24% starting rate: Reserve Bank of Australia, Lenders' Interest Rates, August 2026 (Table F6). The repayments are our own calculation, rounded to the nearest dollar. They are not a lender quote. The 6.24% average comes from before the September rise, and lenders decide whether and when to pass on a change, so check the rate on your own loan.
To run your own numbers, use our mortgage repayment calculator with your loan amount, rate and term.
Why did the RBA raise rates in September 2026?
The Board's statement of 29 September 2026 opened: “At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 4.60 per cent.” It said inflation remained elevated, the conflict in the Middle East had broadened, global energy prices were much higher than assumed in its August forecasts, and there was still pressure on the economy's capacity. The decision was unanimous.
Since that meeting, the Australian Bureau of Statistics has published new inflation figures. On 28 October 2026 it reported that the Consumer Price Index rose 4.3% in the 12 months to September 2026, up from 4.0% in the 12 months to August. Trimmed mean inflation, which leaves out the largest price moves, was 3.6%. These figures came out before the November meeting.
Sources: Reserve Bank of Australia, monetary policy decision of 29 September 2026. Australian Bureau of Statistics, Consumer Price Index, Australia, September 2026, released 28 October 2026.
Will the RBA raise rates again?
Nobody can say for certain, and we do not forecast rates. In its September statement the Board said it will do what it considers necessary to bring inflation back to target, “including increasing the cash rate target further if needed”. It also said it will be attentive to the data. This page is updated after each decision, so the answer at the top always shows the latest rate and the next meeting.
What does the cash rate mean for a first home buyer?
- Your repayments. On a variable rate loan, your lender may change your rate after a Reserve Bank decision. The table above shows the size of a 0.25 point move.
- Your borrowing power. Lenders test whether you could still afford the loan at a rate above the one you would pay, so a higher rate can lower the amount a lender will offer. Our guide to how much you can really borrow explains how lenders work it out.
- Your pre approval. A pre approval is based on the rates and rules at the time it was issued. If rates change before you buy, ask your lender or broker whether the amount still stands. See our home loan pre approval guide.
- Fixed or variable. A fixed rate stays the same for the fixed term whatever the Reserve Bank does, and a variable rate can move both ways. Our fixed vs variable guide sets out how each works.
For what lenders are charging now, see our guide to home loan interest rates in Australia.
If you want help comparing loans, NestPath's free broker matching service connects you with a vetted mortgage broker licensed in your state. The broker pays us a referral fee if you go ahead, you pay nothing, and there is no obligation.
Frequently asked questions
What is the RBA cash rate right now?
The RBA cash rate target is 4.60%. It has applied since 30 September 2026, after the Monetary Policy Board raised it by 0.25 of a percentage point at its meeting on 29 September 2026. That was the fourth rise of 2026.
When is the next RBA meeting?
The Monetary Policy Board next meets on 2 and 3 November 2026, and the decision comes out on Tuesday 3 November 2026. The meeting after that runs on 7 and 8 December 2026, with the decision on Tuesday 8 December.
What time does the RBA announce its decision?
The RBA publishes its decision in a media release at 2.30pm Sydney time after each Board meeting. On 3 November 2026 that is 2.30pm in Sydney, Melbourne, Canberra and Hobart, 2.00pm in Adelaide, 1.30pm in Brisbane, 1.00pm in Darwin and 11.30am in Perth.
How often does the RBA meet?
The Monetary Policy Board meets eight times a year. Each meeting runs over two days, and the decision is announced at 2.30pm Sydney time on the second day.
How much does a 0.25 point rate rise add to a $500,000 home loan?
About $82 a month on a 30 year principal and interest loan, if your rate moves from 6.24% to 6.49%. The starting rate of 6.24% was the average rate on new owner occupier loans in August 2026 (RBA). This is our own calculation, not a lender quote, and your rate, fees and loan term change the figure.
Will the RBA raise rates again?
Nobody can say for certain, and we do not forecast rates. In its statement of 29 September 2026 the Board said it will do what it considers necessary to bring inflation back to target, “including increasing the cash rate target further if needed”. The next decision is on 3 November 2026.
Sources
- Reserve Bank of Australia, Cash Rate Target table.
- Reserve Bank of Australia, Board meeting schedules for 2026 and 2027.
- Reserve Bank of Australia, Interest Rate Decisions, for the 2.30pm announcement time.
- Reserve Bank of Australia, Statement by the Monetary Policy Board, 29 September 2026.
- Reserve Bank of Australia, Lenders' Interest Rates, August 2026 (Table F6).
- Australian Bureau of Statistics, Consumer Price Index, Australia, September 2026, released 28 October 2026.
This page is general information only and does not consider your personal circumstances. It is not financial or credit advice. NestPath does not forecast interest rates.
