RBA cash rate tracker
Updated after every RBA decision · Last reviewed 29 July 2026
Cash rate target today
4.35%
Set on 6 May 2026. Next decision due August 2026.
The cash rate is the interest rate on unsecured overnight loans between banks, and the Reserve Bank's main lever on the economy. It doesn't set your mortgage rate directly — but it sets what your lender pays for money, which is why variable rates move with it, usually within a few weeks of a decision.
What a 0.25% move costs — or saves — you
Monthly repayment change on a principal & interest loan over 30 years, moving from 6.00% to 6.25% p.a. A single 0.25% move is small; three of them compound into real money.
| Loan size | Repayment at 6.00% | Repayment at 6.25% | Difference per month | Per year |
|---|---|---|---|---|
| $400,000 | $2,398 | $2,463 | $65 | $776 |
| $600,000 | $3,597 | $3,694 | $97 | $1,164 |
| $800,000 | $4,796 | $4,926 | $129 | $1,552 |
| $1,000,000 | $5,996 | $6,157 | $162 | $1,940 |
Model your own loan in the repayment calculator
Cash rate history
Every decision below is the RBA cash rate target after that meeting, newest first. Bars are scaled against the highest rate in the period shown.
| Decision | Move | Cash rate | Level |
|---|---|---|---|
| 17 Jun 2026 | Hold | 4.35% | |
| 6 May 2026 | +0.25% | 4.35% | |
| 18 Mar 2026 | +0.25% | 4.10% | |
| 4 Feb 2026 | +0.25% | 3.85% | |
| 10 Dec 2025 | Hold | 3.60% | |
| 5 Nov 2025 | Hold | 3.60% | |
| 1 Oct 2025 | Hold | 3.60% | |
| 13 Aug 2025 | −0.25% | 3.60% | |
| 9 Jul 2025 | Hold | 3.85% | |
| 21 May 2025 | −0.25% | 3.85% | |
| 2 Apr 2025 | Hold | 4.10% | |
| 19 Feb 2025 | −0.25% | 4.10% | |
| 11 Dec 2024 | Hold | 4.35% | |
| 8 Nov 2023 | +0.25% | 4.35% | |
| 21 Jun 2023 | +0.25% | 4.10% | |
| 3 May 2023 | +0.25% | 3.85% | |
| 8 Mar 2023 | +0.25% | 3.60% | |
| 4 May 2022 | +0.25% | 0.35% | |
| 4 Nov 2020 | −0.15% | 0.10% |
Source: Reserve Bank of Australia cash rate target series. Selected earlier decisions are included to show the full cycle from the 0.10% pandemic low.
What to do between decisions
- Know your own rate. Most borrowers can't name it to two decimal places — and that's exactly what lender pricing teams count on.
- Ask for a reprice after every move. It costs nothing, takes one phone call, and a lender would rather discount than lose the loan.
- Keep the repayment the same when rates fall. The cut then goes to principal instead of your cash flow, and you shave years off the loan.
- Check your LVR after growth. Crossing back under 80% unlocks a materially better rate at most lenders.
RBA cash rate FAQs
What is the RBA cash rate today?
The Reserve Bank of Australia cash rate target is 4.35%, set at the board meeting on 6 May 2026. The next decision is due in August 2026.
How does the cash rate affect my mortgage?
The cash rate sets the price of overnight funding between banks, which flows into what lenders pay for money and therefore what they charge you. When the cash rate moves, variable home loan rates usually follow within a few weeks — but lenders choose how much to pass on and when, and they routinely treat new and existing customers differently.
Do lenders always pass on a cash rate cut in full?
No. Passing on a cut in full is a commercial decision, not an obligation. Lenders sometimes pass on less than the full cut, delay the effective date, or pass it on to new borrowers first. This is exactly why an unreviewed loan drifts above market over time.
How often does the RBA meet?
The RBA Monetary Policy Board meets eight times a year — roughly every six weeks — and announces its cash rate decision at 2:30pm AEST/AEDT on the second day of the meeting.
What happens to my repayments when the cash rate rises?
On a variable loan, your lender writes to you with a new minimum repayment, usually effective a few weeks after the announcement. If you are ahead on repayments or have money in an offset account, the increase hurts less. If a rise would stretch you, model it before it happens using our repayment calculator.
Should I fix my rate when the cash rate is expected to rise?
By the time a rise is widely expected, fixed rates already price it in — the market moves before the RBA does. Fix for certainty of repayment, not to outguess the board, and only if you're confident you won't need to sell, refinance or make large extra repayments during the term.
Related
Rates moved — has your loan?
A 15-minute chat is usually enough to tell whether your lender has quietly left you behind.