RBA Cash Rate Target (Australia) - Historical Data
Historical time series of the RBA Cash Rate Target set by the Reserve Bank of Australia (RBA) from 1976 to 2026. From 2 Aug 1990 onwards: cash rate target; from 23 Jan 1990 to 1 Aug 1990: middle of the cash rate target range; from 7 Apr 1976 to 22 Jan 1990: interbank overnight cash rate. The latest benchmark reading is 4.60% (Sep 2026), corresponding to an ex-post real policy rate of +0.66% after adjusting for Australia headline CPI inflation (3.94%).
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Current Statistics & Historical Records
Latest Reading (Sep 2026)
4.60%
Prev (Aug 2026): 4.35%+0.25 pp
Highest Recorded (Jun 1980)
42.50%
Peak monetary tightening by Reserve Bank of Australia (RBA Cash Rate Target).
Lowest Recorded (Nov 2020)
0.10%
Lowest policy interest rate stance set by Reserve Bank of Australia.
Long-Run Mean (1976–2026)
6.42%
51 annual observations · Monthly
Reserve Bank of Australia · AUD
RBA Cash Rate Target (Australia) (1976-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1976–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) & Reserve Bank of Australia (WS_CBPOL:M:AU)
Latest: 4.60% (Sep 2026)
· Real Rate: +0.66%
RBA Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1976–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1970s | 1976–1979 | 7.85% | 8.28% (1978) | 7.20% (1976) |
| 1980s | 1980–1989 | 13.24% | 19.00% (1985) | 6.00% (1983) |
| 1990s | 1990–1999 | 6.67% | 12.00% (1990) | 4.75% (1993) |
| 2000s | 2000–2009 | 5.22% | 6.75% (2007) | 3.75% (2009) |
| 2010s | 2010–2019 | 2.42% | 4.75% (2010) | 0.75% (2019) |
| 2020s | 2020–2026 | 2.89% | 4.60% (2026) | 0.10% (2020) |
Complete Annual Historical Ledger (1976–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & Reserve Bank of Australia (WS_CBPOL:M:AU)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 4.60% | +0.58% | 3.60% – 4.60% | - |
| 2025 | 3.60% | +0.76% | 3.60% – 4.35% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 4.35% | +1.18% | 4.35% – 4.35% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 4.35% | -1.25% | 3.10% – 4.35% | - |
| 2022 | 3.10% | -3.51% | 0.10% – 3.10% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 0.10% | -2.77% | 0.10% – 0.10% | - |
| 2020 | 0.10% | -0.75% | 0.10% – 0.75% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 0.75% | -0.84% | 0.75% – 1.50% | - |
| 2018 | 1.50% | -0.42% | 1.50% – 1.50% | - |
| 2017 | 1.50% | -0.45% | 1.50% – 1.50% | - |
| 2016 | 1.50% | +0.22% | 1.50% – 2.00% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 2.00% | +0.50% | 2.00% – 2.50% | - |
| 2014 | 2.50% | 0.00% | 2.50% – 2.50% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 2.50% | +0.07% | 2.50% – 3.00% | - |
| 2012 | 3.00% | +1.27% | 3.00% – 4.25% | - |
| 2011 | 4.25% | +0.87% | 4.25% – 4.75% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 4.75% | +1.88% | 3.75% – 4.75% | - |
| 2009 | 3.75% | +1.95% | 3.00% – 4.25% | - |
| 2008 | 4.25% | -0.09% | 4.25% – 7.25% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 6.75% | +4.40% | 6.25% – 6.75% | - |
| 2006 | 6.25% | +2.71% | 5.50% – 6.25% | - |
| 2005 | 5.50% | +2.83% | 5.25% – 5.50% | - |
| 2004 | 5.25% | +2.92% | 5.25% – 5.25% | - |
| 2003 | 5.25% | +2.49% | 4.75% – 5.25% | - |
| 2002 | 4.75% | +1.74% | 4.25% – 4.75% | - |
| 2001 | 4.25% | -0.18% | 4.25% – 6.25% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 6.25% | +1.81% | 5.00% – 6.25% | - |
| 1999 | 5.00% | +3.53% | 4.75% – 5.00% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 4.75% | +3.89% | 4.75% – 5.00% | - |
| 1997 | 5.00% | +4.74% | 5.00% – 6.00% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 6.00% | +3.38% | 6.00% – 7.50% | - |
| 1995 | 7.50% | +2.87% | 7.50% – 7.50% | - |
| 1994 | 7.50% | +5.61% | 4.75% – 7.50% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 4.75% | +2.93% | 4.75% – 5.75% | - |
| 1992 | 5.75% | +4.77% | 5.75% – 7.50% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 8.50% | +5.27% | 8.50% – 12.00% | - |
| 1990 | 12.00% | +4.69% | 12.00% – 17.25% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 17.90% | +10.37% | 14.75% – 19.25% | - |
| 1988 | 14.55% | +7.30% | 10.70% – 14.68% | - |
| 1987 | 11.25% | +2.74% | 11.25% – 16.70% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 14.75% | +5.68% | 14.75% – 19.00% | - |
| 1985 | 19.00% | +12.26% | 11.88% – 19.75% | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1984 | 11.25% | +7.28% | 9.75% – 14.63% | - |
| 1983 | 6.00% | -4.09% | 6.00% – 17.25% | - |
| 1982 | 10.50% | -0.71% | 10.50% – 27.50% | - |
| 1981 | 14.75% | +5.16% | 11.50% – 27.50% | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1980 | 12.50% | +2.29% | 10.00% – 42.50% | - |
| 1979 | 8.00% | -1.05% | 8.00% – 12.50% | Second oil shock; Paul Volcker appointed Federal Reserve Chair |
| 1978 | 8.28% | +0.31% | 7.80% – 10.99% | - |
| 1977 | 7.91% | -4.51% | 7.91% – 12.47% | - |
| 1976 | 7.20% | -6.10% | 4.59% – 8.33% | - |
Frequently Asked Questions - RBA Policy Rate
What is the current RBA Cash Rate Target?
As of Sep 2026, the RBA Cash Rate Target is 4.60% per annum. Adjusted for headline inflation (3.94%), the ex-post real policy rate in Australia stands at +0.66%.
What was the highest and lowest Reserve Bank of Australia interest rate on record?
Across the 1976-2026 archive, the RBA Cash Rate Target reached a record high of 42.50% in Jun 1980 and a record low of 0.10% in Nov 2020. The long-run annual mean is 6.42%.
What is the Reserve Bank of Australia inflation target?
The Reserve Bank of Australia operates with an official inflation target of 2.0%-3.0% Medium-Term Band. Its statutory mandate is: Stability of the currency, full employment, and the economic prosperity and welfare of the Australian people.
Statistical Provenance
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & Reserve Bank of Australia
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:AU
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 2 Aug 1990 onwards: cash rate target; from 23 Jan 1990 to 1 Aug 1990: middle of the cash rate target range; from 7 Apr 1976 to 22 Jan 1990: interbank overnight cash rate.
- Reporting agency: Reserve Bank of Australia; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Academic & Media Attribution
Cite This Dataset (APA & BibTeX)
APA 7th Edition
CentralBankData.com. (2026). RBA Cash Rate Target (Australia), compiled from Bank for International Settlements (WS_CBPOL:M:AU). https://centralbankdata.com/rba-cash-rate
BibTeX
@misc{cbd_cbpol_australia,
author = {CentralBankData.com},
title = {RBA Cash Rate Target (Australia)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:AU},
year = {2026},
url = {https://centralbankdata.com/rba-cash-rate}
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