RBA minus RBNZ (AUD/NZD)
• Coverage: 1985–2026
RBA vs. RBNZ Tasman Cash Rate Differential (1985–2026)
Historical policy rate spread between the Reserve Bank of Australia (RBA Policy Rate) and the Reserve Bank of New Zealand (RBNZ Policy Rate). As of Sep 2026, RBA stands at 4.60% vs. RBNZ at 2.75%, resulting in a bilateral policy rate differential of +185 bps (+1.85 percentage points).
Current Spread (Sep 2026)
+185 bps
RBA: 4.60% · RBNZ: 2.75%
Mean Spread (1985–2026)
-56 bps
42 overlapping years
Widest Positive Spread (1989)
+440 bps
Maximum RBA premium over RBNZ Lowest / Negative Spread (1986)
-1225 bps
Minimum RBA minus RBNZ differential
RBA (Blue) vs. RBNZ (Amber) Policy Rates (1985–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (RBA minus RBNZ, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Reserve Bank of Australia · Amber: Reserve Bank of New Zealand
Annual RBA vs. RBNZ Policy Rate Differential Ledger (1985–2026)
| Year | RBA Policy Rate | RBNZ Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 4.60% | 2.75% | +1.85 pp | +185 bps |
| 2025 | 3.60% | 2.25% | +1.35 pp | +135 bps |
| 2024 | 4.35% | 4.25% | +0.10 pp | +10 bps |
| 2023 | 4.35% | 5.50% | -1.15 pp | -115 bps |
| 2022 | 3.10% | 4.25% | -1.15 pp | -115 bps |
| 2021 | 0.10% | 0.75% | -0.65 pp | -65 bps |
| 2020 | 0.10% | 0.25% | -0.15 pp | -15 bps |
| 2019 | 0.75% | 1.00% | -0.25 pp | -25 bps |
| 2018 | 1.50% | 1.75% | -0.25 pp | -25 bps |
| 2017 | 1.50% | 1.75% | -0.25 pp | -25 bps |
| 2016 | 1.50% | 1.75% | -0.25 pp | -25 bps |
| 2015 | 2.00% | 2.50% | -0.50 pp | -50 bps |
| 2014 | 2.50% | 3.50% | -1.00 pp | -100 bps |
| 2013 | 2.50% | 2.50% | 0.00 pp | 0 bps |
| 2012 | 3.00% | 2.50% | +0.50 pp | +50 bps |
| 2011 | 4.25% | 2.50% | +1.75 pp | +175 bps |
| 2010 | 4.75% | 3.00% | +1.75 pp | +175 bps |
| 2009 | 3.75% | 2.50% | +1.25 pp | +125 bps |
| 2008 | 4.25% | 5.00% | -0.75 pp | -75 bps |
| 2007 | 6.75% | 8.25% | -1.50 pp | -150 bps |
| 2006 | 6.25% | 7.25% | -1.00 pp | -100 bps |
| 2005 | 5.50% | 7.25% | -1.75 pp | -175 bps |
| 2004 | 5.25% | 6.50% | -1.25 pp | -125 bps |
| 2003 | 5.25% | 5.00% | +0.25 pp | +25 bps |
| 2002 | 4.75% | 5.75% | -1.00 pp | -100 bps |
| 2001 | 4.25% | 4.75% | -0.50 pp | -50 bps |
| 2000 | 6.25% | 6.50% | -0.25 pp | -25 bps |
| 1999 | 5.00% | 5.00% | 0.00 pp | 0 bps |
| 1998 | 4.75% | 3.85% | +0.90 pp | +90 bps |
| 1997 | 5.00% | 8.35% | -3.35 pp | -335 bps |
| 1996 | 6.00% | 7.90% | -1.90 pp | -190 bps |
| 1995 | 7.50% | 9.00% | -1.50 pp | -150 bps |
| 1994 | 7.50% | 8.30% | -0.80 pp | -80 bps |
| 1993 | 4.75% | 4.80% | -0.05 pp | -5 bps |
| 1992 | 5.75% | 8.45% | -2.70 pp | -270 bps |
| 1991 | 8.50% | 7.20% | +1.30 pp | +130 bps |
| 1990 | 12.00% | 11.25% | +0.75 pp | +75 bps |
| 1989 | 17.90% | 13.50% | +4.40 pp | +440 bps |
| 1988 | 14.55% | 13.44% | +1.11 pp | +111 bps |
| 1987 | 11.25% | 15.75% | -4.50 pp | -450 bps |
| 1986 | 14.75% | 27.00% | -12.25 pp | -1225 bps |
| 1985 | 19.00% | 19.00% | 0.00 pp | 0 bps |