RBA Cash Rate Tracker
Get the latest updates on the Reserve Bank of Australia’s cash rate decisions and explore how these changes shape the economy, inflation, and lending rates.
Historical Rate Trend
RBA Cash Rate Target over time
Previous RBA Cash Rate Target4.35%
The ultimate guide to RBA cash rate changes
This page tracks the latest RBA decisions, economic indicators driving policy, and how banks are responding to rate changes.
- The RBA hiked the cash rate at its May 2026 meeting. The current cash rate is 4.35%.
- The RBA uses the cash rate to manage inflation within its 2–3% target, and reviews it eight times a year.
- A 25 basis point hike can increase monthly repayments by around $100 on a $600,000 variable loan.
- The next decision is due on 16 Jun 2026.
Written by
16 Jun 2026
Why did the RBA hold the cash rate in June?
The Reserve Bank of Australia kept the cash rate at 4.35% at its June meeting. The decision was unanimous—the board held while it assesses how the three 2026 rate rises are flowing through the economy.
The RBA held for two main reasons:
- Inflation is still too high, but moving: Headline inflation sat at 4.2% in April, down from the 4.6% peak recorded in the March quarter, but still well above the RBA's 2–3% target range. The board wants more evidence that the decline is sustained before acting again.
- Uncertainty remains: The board flagged ongoing risks from global oil prices and services inflation. The board remains focused on ensuring that inflation does not become embedded once the impulse from higher oil prices has passed through.
What is next for interest rates?
The RBA has stressed that future decisions remain data-dependent. The next inflation figure lands on 24 June. That number will do more to shape August than anything said today.
The big four banks are split on what comes next.
ANZ, CBA and NAB all expect the cash rate to hold at 4.35% for the rest of 2026, with cuts arriving in 2027. Westpac forecasts two more hikes in August and September, taking the cash rate to 4.85%.
For borrowers on variable rates, another hike means higher repayments within weeks. For anyone coming off a fixed rate, the number they revert to could be well above what they locked in.
How much more will you pay after the RBA rate hike?
Ask Bheja, your AI mortgage copilot, how the latest RBA cash rate increase affects your home loan. Enter your loan details to instantly see the impact on your repayments.
What the RBA is watching right now
The RBA monitors several key economic indicators when setting the cash rate, including inflation (both headline and core), GDP growth, unemployment, home prices, and wage growth. Of these, inflation carries the most weight. The RBA's primary mandate is to keep it within the 2–3% target band.
Economic Snapshot
The big picture is improvement, but inflation is still too h...
The recent lift from 3.3% to 3.6% means price pressure is st...
The economy is growing, but only just. At 0.3%, it's well be...
Unemployment has moved above last year's level and is edging...
House prices are moving up steadily, and that can make buyin...
Wages are growing steadily, but not fast enough to signal a ...
How did your bank respond to the May hike?
Following each RBA decision, Bheja tracks which lenders raised or cut rates and by how much, updated in real time. Find out if your bank passed on the full increase, or held back.
Recent Bank Rate Changes
50 banks raised rates on 1,205 products in the last 30 days
| Bank | Max Hike | Products |
|---|---|---|
| Bank of Sydney | +0.30% | 20 |
| ANZ | +0.25% | 3 |
| ANZ Plus | +0.25% | 2 |
Want to learn more?
The RBA cash rate affects more than just your mortgage rate. These guides break down how decisions are made, what the data means, and how lenders are responding, so you can make sense of each move as it happens.
Explore RBA Cash Rate
How It Works
Learn how the RBA sets rates and how changes flow through to your mortgage
Economic Indicators
Key data the RBA monitors including inflation, unemployment, and GDP
Bank Responses
Track which lenders have raised or cut rates in response to RBA decisions
Impact Calculator
Calculate how rate changes affect your monthly repayments
Rate History
Complete history of RBA decisions from 1990 to today
How does the market look right now?
With rates rising, the gap between the big four banks and smaller lenders has widened. These figures reflect live data across 7,215 home loan products, updated throughout the day. The snapshot shows the average variable and fixed rates across the market, the single best available rate right now, and a ranked list of the most competitive lenders by their lowest advertised rate, so you can see at a glance where your rate sits. You can also compare rates across loan types, variable versus fixed, owner-occupied versus investment, and principal and interest versus interest only.
Home Loan Market Snapshot
Real-time insights from thousands of Australian home loan products
Updated: 24 June 2026, 02:34 am
Average Variable Rate
6.87%
Owner Occupied P&I
Average Fixed Rate
6.83%
3-year fixed
Best Available Rate
5.64%
Variable • Owner Occupied
Total Products
7,389
Available in market
Most Competitive Lenders
Big 4 Banks Average
6.92%
Market Average
6.84%
Online Lenders Average
6.50%
Unloan
4 products
From
5.89%
Avg
6.12%
Fire Service Credit Union
5 products
From
5.89%
Avg
6.17%
Up
6 products
From
5.95%
Avg
6.31%
Family First
17 products
From
5.75%
Avg
6.35%
First Option Bank
24 products
From
5.99%
Avg
6.36%
Rate Comparison by Category
Variable vs Fixed
2,588 products
4,801 products
Owner Occupied vs Investment
3,701 products
3,688 products
Principal & Interest vs Interest Only
4,252 products
3,137 products
Market Features Overview
Products with Offset Account
Products with Cashback Offers
Average Cashback Amount
Products with No Fees
(No monthly, annual, or ongoing fees)
Data sourced from 7,389 home loan products
Analysis based on products supporting minimum $300K loan amounts over 25-year terms
How’s your rate holding up?
Interest rates move. Your home loan should, too.
Instead of guessing what to do after every RBA rate change, perform a quick Home Loan Health Check and see if your current deal still makes sense.
Ask Bheja to:
- Check if you’re overpaying on your current rate
- Compare your loan with the latest RBA cash rate impact
- Estimate potential savings from refinancing
- Discover if fixing or splitting could improve flexibility
It only takes a minute to find out if your home loan is still working for you.
Frequently Asked Questions
The RBA Cash Rate is the official interest rate target set by the Reserve Bank of Australia for overnight loans between banks. It serves as the primary tool for the RBA to implement monetary policy and influence economic activity, inflation, and employment levels across Australia.
Pravin Mahajan
Founder @ Bheja.ai | Mortgage Broker | Ex-CTO RateCity & CIMET
Pravin Mahajan is the Founder of Bheja.ai and an accredited Mortgage Broker (Credit Rep. 570637). Based in Sydney, he sits at the unique intersection of financial regulation and enterprise technology.
With over 30 years of experience, Pravin has architected the consumer platforms that millions of Australians rely on for daily financial and purchasing decisions. His career is defined by building high-scale systems that simplify complex choices:
- RateCity (Acquired by Canstar): As Chief Product & Technology Officer, Pravin led the tech transformation that culminated in the company's acquisition. He orchestrated "Australia’s First Home Loan Sale," a digital initiative that reached over 12 million people.
- CIMET: As CPTO, he built enterprise-grade infrastructure for energy and broadband comparison, scaling operations to support major B2B partners.
- Salmat (Lasoo): He architected digital catalogue systems used by 5.7 million monthly users, digitising the retail experience for brands like Target and Myer.
- Woolworths: Designed the real-time, secure "Pay at Pump" transaction infrastructure deployed Australia-wide.
Today, at Bheja.ai, Pravin combines this deep technical background with his Certificate IV in Finance and Mortgage Broking to build AI agents that don't just compare loans, but help Australians actively secure their financial future.
Mahendra Duddempudi
CTO & Head of Research
Mahendra Duddempudi is the CTO, Founder, and Head of Research at Bheja.ai. With 15+ years in software architecture, data engineering, and analytics, he combines technology and research to simplify complex topics in property, home loans, and finance. His work focuses on using AI, natural language search, and data-driven insights to make financial decisions clearer and more accessible for Australians.
