Cash Rate

Reserve Bank of Australia

Australia cash rate target

View on Australia desk

4.35%

+0.25 pp last change (May 5, 2026)

As of Sep 16, 2026 | Daily target (chart uses monthly history from 1990)

Mean
4.40%
Median
4.75%
Min
0.10% Dec 31, 2020
Max
14.00% Aug 31, 1990
DateRate
Sep 16, 20264.35
Aug 31, 20264.35
Jul 31, 20264.35
Jun 30, 20264.35
May 31, 20264.31
Apr 30, 20264.10
Mar 31, 20263.96
Feb 28, 20263.83
Jan 31, 20263.60
Dec 31, 20253.60
Nov 30, 20253.60
Oct 31, 20253.60
Sep 30, 20253.60
Aug 31, 20253.70
Jul 31, 20253.85
Jun 30, 20253.85
May 31, 20254.01
Apr 30, 20254.10
Mar 31, 20254.10
Feb 28, 20254.25
Jan 31, 20254.35
Dec 31, 20244.35
Nov 30, 20244.35
Oct 31, 20244.35

About the cash rate

Australia’s overnight policy target, set by the RBA. Current: 4.35% as of Sep 16, 2026 (F1, FIRMMCRTD). History uses F1.1 monthly averages; the headline uses the latest daily target.

From Aug 31, 1990 to Sep 16, 2026 (434 observations): mean 4.40%, median 4.75%; low 0.10% (Dec 31, 2020), high 14.00% (Aug 31, 1990). Not a mortgage or deposit rate.

Source: RBA Statistical Tables F1 / F1.1, series FIRMMCRTD and FIRMMCRT. Licence: RBA disclaimer: data may be used with attribution; not for unauthorised commercial redistribution of raw tables (terms). Files: data/raw/rba-f01d.xlsx + data/raw/rba-f01hist.xlsx.

Reading this series

The Australian cash rate target is set by the Reserve Bank of Australia's board and is the overnight interest rate the RBA targets in the money market. The headline uses the latest daily target from RBA table F1, series FIRMMCRTD; the long chart and history use the monthly average series FIRMMCRT from F1.1, which reaches back to 1990. The distinction matters: the daily target is the current policy setting, while the monthly averages are the historical record used for the summary statistics.

The chart is stepped because the target changes only at board decisions. Read the headline, then the "versus the previous reading" line, which the page replaces with the date of the last actual move when the target has been unchanged. Mean, median, low and high are arithmetic summaries of the observations shown, so a long period at one setting pulls them toward it. Chart and Table show the same series two ways, the range buttons filter the window without recalculating, and Explore adds zoom and pan on request.