RBA minus FED (AUD/USD)
• Coverage: 1976–2026
RBA vs. Federal Reserve Cash Rate Differential (1976–2026)
Historical policy rate spread between the Reserve Bank of Australia (RBA Policy Rate) and the Federal Reserve (FED Policy Rate). As of Sep 2026, RBA stands at 4.60% vs. FED at 3.88%, resulting in a bilateral policy rate differential of +72 bps (+0.72 percentage points).
Current Spread (Sep 2026)
+72 bps
RBA: 4.60% · FED: 3.88%
Mean Spread (1976–2026)
+165 bps
51 overlapping years
Widest Positive Spread (1985)
+1125 bps
Maximum RBA premium over FED Lowest / Negative Spread (1980)
-950 bps
Minimum RBA minus FED differential
RBA (Blue) vs. FED (Amber) Policy Rates (1976–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (RBA minus FED, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Reserve Bank of Australia · Amber: Federal Reserve
Annual RBA vs. FED Policy Rate Differential Ledger (1976–2026)
| Year | RBA Policy Rate | FED Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 4.60% | 3.88% | +0.72 pp | +72 bps |
| 2025 | 3.60% | 3.62% | -0.02 pp | -2 bps |
| 2024 | 4.35% | 4.38% | -0.03 pp | -3 bps |
| 2023 | 4.35% | 5.38% | -1.03 pp | -103 bps |
| 2022 | 3.10% | 4.38% | -1.28 pp | -128 bps |
| 2021 | 0.10% | 0.12% | -0.02 pp | -2 bps |
| 2020 | 0.10% | 0.12% | -0.02 pp | -2 bps |
| 2019 | 0.75% | 1.62% | -0.87 pp | -87 bps |
| 2018 | 1.50% | 2.38% | -0.88 pp | -88 bps |
| 2017 | 1.50% | 1.38% | +0.12 pp | +12 bps |
| 2016 | 1.50% | 0.62% | +0.88 pp | +88 bps |
| 2015 | 2.00% | 0.38% | +1.62 pp | +162 bps |
| 2014 | 2.50% | 0.12% | +2.38 pp | +238 bps |
| 2013 | 2.50% | 0.12% | +2.38 pp | +238 bps |
| 2012 | 3.00% | 0.12% | +2.88 pp | +288 bps |
| 2011 | 4.25% | 0.12% | +4.13 pp | +413 bps |
| 2010 | 4.75% | 0.12% | +4.63 pp | +463 bps |
| 2009 | 3.75% | 0.12% | +3.63 pp | +363 bps |
| 2008 | 4.25% | 0.12% | +4.13 pp | +413 bps |
| 2007 | 6.75% | 4.25% | +2.50 pp | +250 bps |
| 2006 | 6.25% | 5.25% | +1.00 pp | +100 bps |
| 2005 | 5.50% | 4.25% | +1.25 pp | +125 bps |
| 2004 | 5.25% | 2.25% | +3.00 pp | +300 bps |
| 2003 | 5.25% | 1.00% | +4.25 pp | +425 bps |
| 2002 | 4.75% | 1.25% | +3.50 pp | +350 bps |
| 2001 | 4.25% | 1.75% | +2.50 pp | +250 bps |
| 2000 | 6.25% | 6.50% | -0.25 pp | -25 bps |
| 1999 | 5.00% | 5.50% | -0.50 pp | -50 bps |
| 1998 | 4.75% | 4.75% | 0.00 pp | 0 bps |
| 1997 | 5.00% | 5.50% | -0.50 pp | -50 bps |
| 1996 | 6.00% | 5.25% | +0.75 pp | +75 bps |
| 1995 | 7.50% | 5.50% | +2.00 pp | +200 bps |
| 1994 | 7.50% | 5.50% | +2.00 pp | +200 bps |
| 1993 | 4.75% | 3.00% | +1.75 pp | +175 bps |
| 1992 | 5.75% | 3.00% | +2.75 pp | +275 bps |
| 1991 | 8.50% | 4.00% | +4.50 pp | +450 bps |
| 1990 | 12.00% | 7.00% | +5.00 pp | +500 bps |
| 1989 | 17.90% | 8.25% | +9.65 pp | +965 bps |
| 1988 | 14.55% | 8.69% | +5.86 pp | +586 bps |
| 1987 | 11.25% | 6.81% | +4.44 pp | +444 bps |
| 1986 | 14.75% | 5.88% | +8.87 pp | +887 bps |
| 1985 | 19.00% | 7.75% | +11.25 pp | +1125 bps |
| 1984 | 11.25% | 8.74% | +2.51 pp | +251 bps |
| 1983 | 6.00% | 9.92% | -3.92 pp | -392 bps |
| 1982 | 10.50% | 11.20% | -0.70 pp | -70 bps |
| 1981 | 14.75% | 13.13% | +1.62 pp | +162 bps |
| 1980 | 12.50% | 22.00% | -9.50 pp | -950 bps |
| 1979 | 8.00% | 14.77% | -6.77 pp | -677 bps |
| 1978 | 8.28% | 10.84% | -2.56 pp | -256 bps |
| 1977 | 7.91% | 6.53% | +1.38 pp | +138 bps |
| 1976 | 7.20% | 4.17% | +3.03 pp | +303 bps |