The RBA cash-rate history records a target of 4.60 per cent from 30 September 2026. The target followed a 25-basis-point increase decided on 29 September. The media release was published at 2.30 pm. The target change took effect the following day.
When and how the RBA publishes each decision
The Monetary Policy Board formulates monetary policy. Its decisions are published in a media release at 2.30 pm at the conclusion of each Board meeting. The release is distributed through electronic news services and published on the RBA website.
A media release is issued after every meeting, whether or not the cash-rate target changes. The RBA’s cash-rate history records a 0.00 change and a 4.35 per cent target on 12 August 2026. It records the same result on 17 June 2026. An unchanged target remains an official monetary-policy decision.
The RBA notes that this was not always the publication practice. Prior to December 2007, media releases were issued only when the cash-rate target changed. Under the current process, the statement follows every meeting and records the decision and the Board’s explanation.
How to read the statement
The RBA’s 29 September 2026 statement shows the structure of the media release. It begins with the decision before presenting the economic evidence, risks and policy rationale.
The opening sentence is the decision sentence:
“At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 4.60 per cent.”
That sentence establishes the direction, size and new level of the decision. It is also reproduced in the RBA page’s meta description.
The economic review comes next. The RBA states:
“Inflation remains elevated and some of the upside risks flagged in August are materialising.”
It attributes the changed outlook partly to a broader Middle East conflict and higher global energy prices than assumed in the August forecasts. It also identifies rapid growth in global prices for technology-related goods as being driven by AI-related demand.
The review then covers Australian activity. The RBA reports slower output growth, with marginal strength in the June quarter above expectations. It says consumer spending is easing gradually as expected. It also reports falling housing prices in most capital cities and a noticeable decline in new housing loans. Labour market conditions are described as having eased broadly as expected in recent months.
The risks paragraph separates uncertainty from the base economic assessment. The RBA says:
“There continue to be heightened uncertainties about the outlook for domestic economic activity and inflation.”
It identifies the unresolved Middle East conflict as a continuing source of risk. The RBA also notes scenarios in which inflation is higher and activity lower than forecast.
The Decision section states why the Board changed the target. The RBA says some upside risks to inflation are materialising. It cites further disruptions to global oil supply and recent data showing higher-than-expected growth and inflation in Australia.
The same section sets out the Board’s reaction function. The RBA says it will do what it considers necessary to bring inflation sustainably back to target. That includes increasing the cash-rate target further if needed. The Board says it will remain attentive to data and its evolving assessment of the outlook and risks.
This is a statement of policy conditions, not a forecast of a later meeting. The release does not announce a preset date or required direction for the next decision.
The release closes by recording the nature of the decision:
“Today’s policy decision was unanimous.”
The result, economic review, risks, Decision section and closing line therefore serve distinct functions. The first establishes the policy action. The middle sections provide the evidence and reasoning. The final line records the decision’s voting outcome.
When the new target takes effect
The RBA’s rule is explicit. Any change to the cash-rate target takes effect from the day after the announcement.
For the September decision, the media release was published at 2.30 pm on 29 September 2026. The cash-rate history records the resulting 4.60 per cent target from 30 September 2026.
The publication time and the target’s effective time are separate. The release time is when the RBA publishes the decision and its explanation. The effective time is when the changed cash-rate target applies. The following-day rule applies to the cash-rate target. It does not establish a common repricing time for every deposit or lending rate.
What lenders do next
The RBA describes the transmission from its target rate to market rates in direct terms:
“Movements in the interest rates targeted by the Reserve Bank are quickly passed through to other capital market interest rates such as money market rates and bond yields.”
The RBA then applies that transmission to Australian banks. It says most deposits and loans are at variable or short-term fixed rates. On that basis, it describes the pass-through to deposit and lending rates as high.
The same passage sets a clear limit. The RBA says:
“But because of the other factors influencing capital market rates, and fluctuations in the level of competition in the banking sector, deposit and lending rates do not always move in lockstep with the interest rates targeted by the Bank.”
High pass-through does not mean identical or simultaneous movement. Capital-market conditions can influence the broader rate environment. Competition within the banking sector can also affect the movement of deposit and lending rates.
The cited RBA material does not specify a common repricing interval for lenders. It does not state that every lender changes its lending rates on the day after the announcement. Nor does it establish an individual lender’s quoted rate.
The defensible conclusion is therefore narrow. Changes targeted by the RBA pass quickly to other capital-market rates. Most Australian deposits and loans sit in rate categories that the RBA associates with a high pass-through. Final lending-rate movements are not always in lockstep because other market factors and banking competition matter.
The cash-rate decision alone therefore does not establish an individual lender’s response. It establishes the official target, its effective date and the RBA’s account of the transmission process.
Official documents published after the statement
The RBA release schedule provides later publication dates for official material.
The Chart Pack is released on the day after each Monetary Policy Board meeting. It forms the first scheduled follow-up to the media release.
The Minutes of the Monetary Policy Meeting are released two weeks after each Monetary Policy Board meeting. They provide a later official record associated with the same meeting.
The Statement on Monetary Policy is released quarterly. The RBA schedule lists the November 2026 release for 3 November 2026.
These documents have different release windows. The media release provides the immediate decision and explanation. The Chart Pack follows on the next scheduled day. The Minutes arrive two weeks after the meeting. The Statement on Monetary Policy follows its quarterly timetable.
Common questions
What does the cash rate represent?
The RBA defines the cash rate as the interest rate on unsecured overnight loans between banks. It describes the rate as the near risk-free benchmark for the Australian dollar and says financial markets know it as AONIA.
Does the Governor provide an additional official explanation?
The RBA says the Governor holds a media conference after each Monetary Policy Board meeting. The conference is used to explain the decision.
Where is the official record of individual decisions?
The RBA’s 2026 Monetary Policy Decisions page links the official media releases for the year’s meetings. The Cash Rate Target page provides the dated decision history and target levels.
How are changes to the release schedule communicated?
The RBA says changes will be notified as far as possible in its weekly schedule. The phrase “as far as possible” qualifies the notice. It is not an unconditional guarantee of an unchanged timetable.
Who formulates monetary policy?
The Monetary Policy Board is responsible for formulating monetary policy. The RBA sets the target cash rate, which it describes as the market interest rate on overnight funds.