Australia's cash rate has moved through recessions, mining booms, the Global Financial Crisis, the COVID-19 pandemic and the recent inflation cycle. This page tracks every RBA cash rate decision since 1990, helping you understand how interest rates have changed over time and the economic events behind each major cycle.
Reserve Bank of Australia's (RBA) cash rates at a glance
- Highest cash rate (since 1990): 17.50% (January 1990).
- Lowest cash rate: 0.10% (November 2020 – May 2022).
- Current cash rate: 4.35% (as at July 2026).
- Largest single‑meeting move (since 1990): 1.00% cut (October and December 2008).
- Fastest tightening cycle (since 1990): +4.25% over 18 months (May 2022 – November 2023).
- Fastest easing cycle (since 1990): –4.25% over about seven months (September 2008 – April 2009)
What are the major RBA cash rate cycles since 1990?
Official cash rates in Australia don't move randomly. They follow long economic cycles shaped by inflation, unemployment, economic growth and financial stability. Since 1990, the RBA has moved through five distinct cash rate cycles.
1990s Disinflation (17.50% → 4.75%): After inflation reached unsustainable levels in the late 1980s, Australia entered a severe recession. As inflation eased, the RBA progressively reduced the cash rate throughout the 1990s, laying the foundations for Australia's modern inflation-targeting framework.
2002–2008 Tightening (4.25% → 7.25%): Strong economic growth, rising employment and the mining boom pushed inflation higher. The RBA steadily increased rates, reaching 7.25% in 2008, the highest cash rate in the post-1990 era.
GFC Emergency Cuts (7.25% → 3.00% in 7 months): The Global Financial Crisis triggered the fastest easing cycle in modern Australian history. Between September 2008 and April 2009, the RBA reduced the cash rate by 4.25 percentage points to support economic activity and financial stability.
Post-GFC Easing and Record Low Era (2012–2021): As inflation remained subdued and economic growth slowed, the cash rate gradually declined over almost a decade. During COVID-19, the RBA reduced rates to a record low of 0.10%, helping drive historically low mortgage rates and one of Australia's strongest property booms.
2022–2026 Inflation Cycle (0.10% → 4.35% → 3.60% → 4.10% → 4.35%): Following the pandemic, inflation accelerated rapidly. The RBA responded with its fastest tightening cycle since the early 1990s, increasing rates by 4.25 percentage points over 18 months. After three cuts during 2025, persistent inflation saw rates increase again during early 2026, returning the cash rate to 4.35%.
What records have RBA cash rates hit since 1990?
- Fastest hiking cycle (since 1990): 4.25 percentage points in 18 months, from 0.10% in May 2022 to 4.35% in November 2023, across 13 separate increases.
- Fastest cutting cycle (since 1990): 4.25 percentage points in about seven months, from 7.25% in September 2008 to 3.00% in April 2009, during the GFC.
- Largest single‑meeting move (since 1990): a 1.00 percentage point cut in October 2008, followed by another 1.00 point cut in December 2008, at the height of the GFC.
- Longest unchanged streak (since 1990): around 34 months at 1.50%, from August 2016 to June 2019.
- Record low cash rate: 0.10%, held from November 2020 until the first hike in May 2022, during the COVID‑19 pandemic.
- Record high (since 1990): 17.50% in January 1990, just before the early‑1990s recession and subsequent disinflation.
Historical RBA cash rates
The table below lists every RBA cash rate decision since 1990, including each increase, decrease and unchanged decision.
| Date | Rate | Change |
|---|---|---|
| 23 Jun 2026 | 4.35% | Hold |
| 6 May 2026 | 4.35% | +0.25% |
| 30 Apr 2026 | 4.10% | Hold |
| 18 Mar 2026 | 4.10% | +0.25% |
| 4 Feb 2026 | 3.85% | +0.25% |
| 30 Jan 2026 | 3.60% | Hold |
| Year | Start | End | Net Change | Hikes | Cuts |
|---|---|---|---|---|---|
| 2025 | 4.35% | 3.60% | -0.75% | - | 3 |
| 2024 | 4.35% | 4.35% | - | - | - |
| 2023 | 3.10% | 4.35% | +1.25% | 5 | - |
| 2022 | 0.10% | 3.10% | +3.00% | 8 | - |
| 2021 | 0.10% | 0.10% | - | - | - |
| 2020 | 0.75% | 0.10% | -0.65% | - | 2 |
| 2019 | 1.50% | 0.75% | -0.75% | - | 3 |
| 2018 | 1.50% | 1.50% | - | - | - |
| 2017 | 1.50% | 1.50% | - | - | - |
| 2016 | 2.00% | 1.50% | -0.50% | - | 2 |
| 2015 | 2.50% | 2.00% | -0.50% | - | 2 |
| 2014 | 2.50% | 2.50% | - | - | - |
| 2013 | 3.00% | 2.50% | -0.50% | - | 2 |
| 2012 | 4.25% | 3.00% | -1.25% | - | 4 |
| 2011 | 4.75% | 4.25% | -0.50% | - | 2 |
| 2010 | 3.75% | 4.75% | +1.00% | 4 | - |
| 2009 | 4.25% | 3.75% | -0.50% | 3 | 2 |
| 2008 | 6.75% | 4.25% | -2.50% | 2 | 4 |
| 2007 | 6.25% | 6.75% | +0.50% | 2 | - |
| 2006 | 5.50% | 6.25% | +0.75% | 3 | - |
| 2005 | 5.25% | 5.50% | +0.25% | 1 | - |
| 2004 | 5.25% | 5.25% | - | - | - |
| 2003 | 4.75% | 5.25% | +0.50% | 2 | - |
| 2002 | 4.25% | 4.75% | +0.50% | 2 | - |
| 2001 | 6.25% | 4.25% | -2.00% | - | 6 |
| 2000 | 5.00% | 6.25% | +1.25% | 4 | - |
| 1999 | 4.75% | 5.00% | +0.25% | 1 | - |
| 1998 | 5.00% | 4.75% | -0.25% | - | 1 |
| 1997 | 6.00% | 5.00% | -1.00% | - | 2 |
| 1996 | 7.50% | 6.00% | -1.50% | - | 3 |
| 1995 | 7.50% | 7.50% | - | - | - |
| 1994 | 4.75% | 7.50% | +2.75% | 3 | - |
| 1993 | 5.75% | 4.75% | -1.00% | - | 2 |
| 1992 | 7.50% | 5.75% | -1.75% | - | 3 |
| 1991 | 12.00% | 8.50% | -3.50% | - | 4 |
| 1990 | 17.25% | 12.00% | -5.25% | - | 5 |
What does RBA cash rate history tell us?
Looking back at more than three decades of RBA cash rates reveals a few consistent patterns.
Interest rates move in cycles
Cash rates rarely move in one direction forever. Periods of rising rates are typically followed by periods of stability or cuts as economic conditions change. While no one can predict exactly when a cycle will turn, history shows that every tightening cycle eventually comes to an end.
Inflation remains the biggest driver
Across almost every major cycle since 1990, inflation has been the primary reason the RBA has increased interest rates. When inflation eases and economic growth slows, the Bank has generally responded by lowering rates to support the economy.
Big moves usually follow major events
The largest changes in Australia's cash rate haven't happened in normal times. The early-1990s recession, the Global Financial Crisis and the COVID-19 pandemic all triggered unusually large or rapid movements as the RBA responded to extraordinary economic conditions.
History can't tell us where interest rates will go next, but it does remind us that borrowing costs rarely stay the same forever. Whether rates are rising or falling, reviewing your home loan regularly helps ensure you're not paying more than you need to.
Frequently Asked Questions
In March 2016, the RBA cash rate was 2.00%. It was reduced to 1.75% in May 2016 and then to 1.50% in August 2016, where it remained for more than three years.
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