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RBA Hikes Cash Rate to 4.60%, a 15-Year High, in Fourth Increase of 2026
The Reserve Bank of Australia voted unanimously to lift the cash rate 25bp, citing inflation running too hot, and left the door open to more tightening.
Why it matters
The Reserve Bank of Australia's Monetary Policy Board voted unanimously on September 29 to raise the cash rate by 25 basis points to 4.60% — the fourth increase of 2026 and the highest level in roughly 15 years (the rate was last above 4.60% in late 2011).
Announced at 2:30 pm AEST, the decision brings cumulative tightening this year to a full percentage point. Core inflation (trimmed mean) is running at 3.6%, well above the RBA's 2–3% target range, and the Board said some of the upside risks flagged in August are materialising.
Full report
The Board named three forces pushing inflation above its August forecasts: a broadened Middle East conflict driving global energy prices higher, AI-related demand fuelling rapid growth in technology goods prices, and continued pressure on domestic capacity. The statement left the door open plainly: "The Board will continue to do what it considers necessary to bring inflation sustainably back to target, including increasing the cash rate target further if needed."
Borrowers feel it immediately. ABC News estimates a typical A$600,000 variable mortgage will cost about A$91 more a month, with the four 2026 hikes adding roughly A$360 a month in total. Macquarie was the first lender to pass the rise on in full, lifting variable rates 0.25 points from October 15.
The Australian dollar spiked to 70.18 US cents on the news before slipping back to 69.93 cents. Markets are priced for at least one more hike. Governor Michele Bullock faces questions at a 3:30 pm AEST press conference; the next decision is due Tuesday, November 3, after the September-quarter CPI on October 28.
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