Cash Rate

Reserve Bank of Australia

Australia cash rate target

View on Australia desk

4.35%

+0.25 pp last change (5 May 2026)

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

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

About the cash rate

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

From 31 Aug 1990 to 16 Sep 2026 (434 observations): mean 4.40%, median 4.75%; low 0.10% (31 Dec 2020), high 14.00% (31 Aug 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.

About this desk

Germany has no separate policy rate in this build. The Germany desk therefore leads with the ECB deposit facility rate, the euro-area policy rate set by the ECB Governing Council, then €STR, the euro overnight market benchmark. UK, US and other official rates follow. Germany is in the euro area, so its monetary policy is set in Frankfurt; inventing a Bundesbank policy series would misrepresent the data, and the desk does not do that.

France and Italy share the same two ECB series, and the /ea/ desk is their natural home. The figures are read from the ECB Data Portal and republished with attribution under the ESCB statistics reuse policy. Every desk shows the same set in a different order, so switching desks changes the menu, not the numbers. The build ingests no German retail rate series, so none is shown. This is not financial advice.