RBA Cash Rate

Your destination for RBA news, expert forecasts and more

hold

1.50%

Cash rate held

at 1.50% on Tuesday 6th December 2016

The Reserve Bank of Australia (RBA) sets the official cash rate target on the first Tuesday of every month except January. Below are expert forecasts from the finder.com.au Reserve Bank Survey™ of some of Australia's brightest minds in economics and property. You can also read more about the RBA and get general advice about what to do in the event of a rate cut, hold or rise decision.

57% of experts in our survey suggest that rates may dip lower than 1.5% next year but on the otherhand 26% are expecting it to rise in 2017. Enter our poll and let us know what you think will happen.

ANALYSIS: Which lenders have moved rates in December already?

100%of our resident rate experts

correctly forecast the rate to hold at 1.50% on Tuesday 6th December 2016 View forecasts →

UPDATE: December 2016 RBA decision recap

 
  • Announcements

    Announcements

    Read about the latest RBA announcements and find out if it's time to carry out a fresh comparison of your financial products to get the best deal.

  • FAQs

    RBA Cash Rate Explained

    The RBA meets on the first Tuesday of each month to decide on the official cash rate target - the rate offered on overnight loans to commercial banks. They can decide to keep the rate the same, raise it, or decrease it.

    Find out how this rate can affect the interest rate you're charged/receive on a loan, credit card or savings account.

  • RBA Forecasts

    RBA Forecasts

    The finder Reserve Bank Survey™ is a monthly survey which asks some of Australia's most authoritative financial experts what they think the RBA will decide to do each month.

    Make an informed decision when deciding to fix interest rates or lock your money into a term deposit by seeing what these experts think will happen.


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Our resident rate experts

+ Open all commentary

Find out what each of our experts predicts for next month and their detailed forecast explanations

Shane Oliver

Forecast: Down in May, 2017 + Read Shane's full forecast

November

N/A

December

No change

Not enough has changed since the last meeting to justify a change.


Jordan Eliseo

Jordan Eliseo

Forecast: Down in February, 2017 + Read Jordan's full forecast

November

No change

December

No change

We remain steadfast in our view that this easing cycle has a lot longer to play out. Despite that, we doubt the RBA will want to move before Christmas, and will wait for further data before making another rate cut in Q1 2017.

AlisonBoothANU

Alison Booth

Forecast: N/A + Read Alison's full forecast

November

No change

December

No change

No significant changes in economic fundamentals since the last meeting.

John Hewson

John Hewson

Forecast: Down in February, 2017 + Read John's full forecast

November

No change

December

No change

Treading water to see how global events unfold and to consider domestic numbers as they are released.


Peter Munckton

Forecast: N/A + Read Peter's full forecast

November

N/A

December

No change

Because the RBA expects inflation to rise in 2017.


Richardrobinson

Richard Robinson

Forecast: Down in November, 2017 + Read Richard's full forecast

November

N/A

December

No change

Dollar has come down, so no need to cut rates. A rate cut is not desirable until the housing market starts to weaken.


Paul Dales

Paul Dales

Forecast: Down in August, 2017 + Read Paul's full forecast

November

No change

December

No change

The RBA is unlikely to play either Santa or Scrooge as the disappointingly weak activity, employment and wage data has been offset by the impending boost to the economy from the leap in commodity prices.

Savanth Sebastian

Forecast: N/A + Read Savanth's full forecast

November

No change

December

No change

The Reserve Bank seems comfortable with how the economy is evolving. The recent lift in commodity prices would provide more confidence that medium term growth prospects have improved.

Andrew Wilson

Forecast: Down in May, 2017 + Read Andrew's full forecast

November

No change

December

No change

The RBA will hold given that it is the end of the year, as well as the fact that there will be a relative lack of impact from any change.

Scott Morgan

Forecast: N/A + Read Scott's full forecast

November

No change

December

No change

There is no imperative for the RBA to change rates at the moment. The RBA and the rest of the world is watching the United States, particularly in relation to changes in that country’s interest rates.


Mark Brimble

Forecast: Down in February, 2017 + Read Mark's full forecast

November

No change

December

No change

The number of moving parts continues to increase and while the bias remains to the downside, the RBA is likely to sit on the sidelines and wait for the dust to settle and hope that consumers will spend over the festive season to support the economy.


Peter Haller

Peter Haller

Forecast: N/A + Read Paul's full forecast

November

No change

December

No change

The RBA will wait to see the next quarterly CPI print before considering any further changes to the cash rate.


Shane Garrett

Forecast: Up in 2018 and beyond. + Read Shane's full forecast

November

N/A

December

No change

The current rate is appropriate given the mix of subdued inflationary pressures and reasonably robust economic growth.


Alex Joiner

Alex Joiner

Forecast: Up in 2018 and beyond + Read Alex's full forecast

November

N/A

December

No change

The RBA currently seems comfortable with policy settings as long as inflation is heading back towards target.


Robert Montgomery

Robert Montgomery

Forecast: N/A + Read Robert's full forecast

November

No change

December

No change

The RBA will hold rates at 1.5% and wait for further data releases before making a change to the cash rate.

Michael Witts

Forecast: Up in December, 2017 + Read Michael's full forecast

November

No change

December

No change

The global interest rate outlook has moved sharply towards higher interest rates following the US election. Against this background and solid domestic economy the RBA will be on hold for an extended period.

Leanne Pilkington

Leanne Pilkington

Forecast: Up in 2018 and beyond. + Read Leanne's full forecast

November

No change

December

No change

It's the prudent course. The cost of borrowing is affordable for those genuinely looking to buy and while it appears the next rate movement will be up, subdued economic growth at the moment means an increase should be some time away yet.


Nicholas gruen

Nicholas Gruen

Forecast: Up in October, 2017 + Read Nicholas's full forecast

November

No change

December

No change

Because it is consistent with what the bank has said, even if it makes little sense to me.


Stephen Koukoulas

Forecast: Down in March, 2017 + Read Stephen's full forecast

November

Cut

December

No change

The RBA refuse to note the record low inflation rate and wages growth, which in normal circumstances would demand lower interest rates. It looks like being a policy error.


MIchaelYardneyHeadshot100px

Michael Yardney

Forecast: Up in July, 2017 + Read Micahel's full forecast

November

No change

December

No change

The RBA will hold rates at 1.5% They are likely to take a wait and see approach to what's happening to overseas rates at a time when the economic data does little to alter the RBA's outlook for the Australian economy. Also the strong Sydney and Melbourne housing markets don't need any extra stimulus.

Emily Dabbs

Forecast: Up in 2018 and beyond. + Read Emily's full forecast

November

No change

December

No change

Inflation has shown signs of improvement and the unemployment rate remains low, supported by accommodative monetary policy. Further easing is unlikely at this stage given rising house prices and expectations of U.S. rate hikes.


Jessica Darnbrough

Forecast: Up in March, 2017 + Read Jessica's full forecast

November

N/A

December

No change

The Reserve Bank would be keen to see what the US Federal Reserve does with rates before it makes any adjustments to the current monetary policy setting.


Ken Sayer

Forecast: Down in July, 2017 + Read Ken's full forecast

November

N/A

December

No change

The downward pressure on rates has been overshadowed by international influences.


Alan Oster

Forecast: Down in May, 2017 + Read Alan's full forecast

November

No change

December

No change

It’s too early yet to judge what impact RBA's actions have had on the economy. Worries about the economy offset by house prices. Inflation still low but can wait.

Jonathan Chancellor

Forecast: N/A + Read Jonathan's full forecast

November

No change

December

No change

The last rate cut is still working its way through the economy, so the board's wait and see will dictate no further change this year.

Matthew Peter

Forecast: Up in 2018 and beyond. + Read Matthew's full forecast

November

No change

December

No change

The RBA finds itself in a very constrained space. Tepid economic activity, lacklustre business investment combined with a weak labour market and low wage growth call for lower interest rates. However, an overheated housing market, an improving global economy, rising terms of trade and moderating currency suggest rates should remain on hold or even rise. Caught between these countervailing forces, the RBA will remain on hold at their coming December meeting.

Noel Whittaker

Forecast: Down in May, 2017 + Read Noel's full forecast

November

No change

December

No change

(The RBA is) awaiting the USA decision.


Angus Raine

Forecast: Down in April, 2017 + Read Angus' full forecast

November

N/A

December

No change

(It’s) same same with economy.


Saul Eslake

Forecast: Up in November, 2017 + Read Saul's full forecast

November

No change

December

No change

Nothing has happened since the last meeting to have persuaded the RBA that current monetary policy settings need to be adjusted in order to foster stable growth and a return of inflation to the target range over time.


Christine Williams

Christine Williams

Forecast: Down in February, 2017 + Read Christine's full forecast

November

No change

December

No change

With the latest figures out I believe the rates for November will stay on hold. I am still of the belief there will be a drop in December.

Janu Chan

Forecast: Down in May, 2017 + Read Janu's full forecast

November

Cut

December

No change

Reaction to upcoming GDP data, which we expect to be weak. If there is any comment on housing construction in the wake of recent building approvals data, and as always, the final paragraph for any guidance on policy.


Stephen Milch

Steven Milch

Forecast: Up in 2018 and beyond + Read Steven's full forecast

November

N/A

December

No change

The inflation and growth outlook are not sufficiently changed since the November meeting as to warrant a cash rate change.


George Tharenou

George Tharenou

Forecast: Up in 2018 and beyond + Read George's full forecast

November

N/A

December

No change

We believe the RBA has drawn a "line in the sand" at the 1½% y/y pace for underlying inflation, given it is the lower bound of every single point forecast the RBA has out until the end of 2018. If underlying inflation were to drift below this in coming quarters, the RBA would likely feel under some pressure to further lower the cash rate. Absent this, we see the RBA on hold at 1.5% for the foreseeable future.


Clement Allan Tisdell

Clement Allan Tisdell

Forecast: Up in March, 2017 + Read Clement's full forecast

November

N/A

December

No change

Wise to wait until the US rate changes or a significant change in the Australian economy becomes apparent.


Bill Evans

Forecast: N/A + Read Bill's full forecast

November

No change

December

No change

N/A

Other experts on the panel

Garry Shilson Josling

November

No change

December

N/A

The economy is doing enough to allow the RBA to stay on the fence, and there are hints that inflation is bottoming out.


Melissa Browne

November

N/A

December

N/A

I don't believe there's a case to cut rates at present and certainly no reason to move them upwards.

Warren Hogan

November

N/A

December

N/A

The Reserve Bank has said that they aren't going to be doing anything with the cash rate. They are sitting on their hands. I don't think they will do anything for six months, however things can change.


Darryl Gobbett

Darryl Gobbett

November

Cut

December

N/A

Sept Qtr CPI and other information points to underlying continuing well under 1.5% well through 2017. $A also continues higher than the RBA would see as desirable.


Scott Pape

November

N/A

December

N/A

The cuts are coming… just not this month.


David Bassanese

November

N/A

December

N/A

Annual underlying inflation has been confirmed as running 0.5% lower than the RBA expected 6 months ago.


Chris Caton

November

N/A

December

N/A

There's another cut out there, and July can't be ruled out, but the RBA would probably prefer to wait for more evidence on inflation.

Michael Blythe

November

N/A

December

N/A

[The RBA are] waiting for Q3 CPI data at the end of October.


Paul Ryan Eccho Me

Paul Ryan

November

N/A

December

N/A

I don't see any reason why the Reserve Bank will vary the position they have held over the past 12 months. I think there would be a level of concern about lenders moving rates outside their own decision so it might be best to keep the cash rate as is.

James Bond

November

N/A

December

N/A

The RBA rarely makes one move in isolation, running a campaign of several cuts or rises. This time will be no different. The weak labour force data for January has only added more to the case for a cut.


Paul Bloxham

November

No change

December

N/A

The inflation targeting regime is 'flexible' and the RBA has already cut by 50bps this year.


Jason Spencer

November

N/A

December

N/A

There is no significant weakening in the Australian economy to justify a drop at this time.


Lynne Jordan

Lynne Jordan

November

No change

December

N/A

The odds are looking slim for a Melbourne Cup day rate cut, with the RBA set to hold the official cash rate again at 1.5 per cent. The latest inflation figures were always going to play a big part in the RBA’s decision, and with inflation creeping in a little stronger than expected, there is no need for any action yet.


Grant Harrod

November

No change

December

N/A

Strong East Coast property markets, combined with the diminishing impact of cutting already record-low interest rates, should see the RBA hold the cash rate over the short term.


Matthew Pollock

Matthew Pollock

November

No change

December

N/A

The Q3 CPI result was low but showed signs of improvement. on top of that commodity prices are on the improve and should give a much need boost to national income growth, and in turn lift price growth.


John Caelli

November

No change

December

N/A

The CPI data remains weak but continued strength in house prices means the Bank can probably remain on hold for a while.


Lisa Montgomery

November

N/A

December

N/A

There is plenty for the RBA to consider as it approaches this meeting, including a steadily rising Australian Dollar, the May budget and looming Federal election. The decision, however, will be to leave the cash rate on hold.

James McIntyre

James McIntyre

November

N/A

December

N/A

The Reserve Bank Board will have no new, substantive information on the economy compared to their March meeting, where the decision was taken to remain on hold. Concerns about financial stability are likely to keep the Reserve Bank sidelined… However, if the currency remains elevated, or pushes beyond US$0.78, we think there is a substantive risk the Reserve Bank cuts in May.

Mark Crosby

November

N/A

December

N/A

With the Fed [Federal Reserve] considering raising there is no reason for the RBA to cut given recent cuts to the cash rate haven't had time to feed through to inflation.


Paul Clitheroe

November

N/A

December

N/A

It’s a curate’s egg. The economy is not all bad… Global volatility makes predicting a dangerous sport.

Effie Zahos

November

N/A

December

N/A

The next inflation report isn't due until July 27 so it could be a case of hold steady until August.


Chris Schade

November

N/A

December

N/A

The most likely scenario seems to be one where the RBA remains on hold for at least the remainder of 2016 as it waits for further information around domestic and global developments. The domestic economy is performing in line with expectations, and an anticipated US rate hike in December should help take some heat out of the Australian Dollar. There does not appear to be a compelling reason for further monetary easing at this point.


Peter Boehm

November

N/A

December

N/A

No compelling reason to move rates just yet - I think by the middle of the year we'll have a better line of sight of possible rate movements.

Zoe Pointon

November

N/A

December

N/A

Uncertainty in the equity markets and slowing property price growth.

Linda Janice Phillips

November

N/A

December

N/A

​The Reserve Bank must be comfortable with the exchange rate around US$0.71. House price rises in Sydney are slowing, which will be regarded as welcome, but growth is accelerating in Melbourne. While the global outlook is uncertain, it is expected that the Fed will soon start increasing US rates, which will limit the capacity for the Reserve Bank to move on the downside. Some domestic indicators such as unemployment are improving, and the Reserve Bank is reporting a somewhat better outlook. While the markets would like to see rates fall 25bp to offset the mortgage price hikes by the banks last month, on the whole it is likely that the Reserve Bank will be comfortable in waiting until February before making any decision to change rates… The level of volatility in global markets, problems of debt management in developing countries, the threat of expansion of the wars against IS, and uncertainty within the Euro-zone, the latest concern being Portugal, have the potential to upset the base case outlook of a slow but steady improvement in the economy. The risk of "black swan events" is rising, and volatility is likely to remain high.


Nathan McMullen

November

N/A

December

N/A

RBA likely to review Q2 inflation data due late July before revisiting changes to the cash rate.

Angelo Malizis

November

N/A

December

N/A

No economic reason to move at this stage.

David Scutt

November

N/A

December

N/A

It still remains a matter of when, not if, the Reserve Bank will ease policy further. Outside of established residential and commercial property, primarily on the east coast, the domestic economy requires further stimulus. It'll be a line-ball decision as to whether or not they ease but history, along with recent auction clearance rates in Sydney, may see them hold off until May. Either way I expect a cut in one of the next two meetings along with a continuation of their easing bias.”


Brian Parker

Brian Parker

November

No change

December

N/A

The CPI data suggest that inflation may well have bottomed, and the RBA has signalled that it would very reluctant to cut rates at this point.


Gavin Smith

November

N/A

December

N/A

Comments from RBA Governor, Glenn Stevens indicated that the cash rate would remain at current levels for an extended period of time.

Peter Switzer

November

N/A

December

N/A

A rate cut is what they should do but I would not be surprised if they hold. There is a too cautious approach at the Reserve Bank which is holding back growth


Holden_Richard 1

Richard Holden

November

No change

December

N/A

Inflation data was not terrible.


Nicki Hutley

November

N/A

December

N/A

The economy is growing at around trend. While inflation is lower than optimal, it is still consistent with a target band of 2% to 3% ‘over time’.


Neville Norman

Neville Norman

November

N/A

December

N/A

The market is currently a ‘catch 22'… There has been a high level of unsatisfied young house buyers at continued absurdly low interest rates.


What do you think the RBA will do with the Cash Rate in February 2017?

Hold0%
Cut 0%
Raise0%



How the cash rate will impact on your finances

See how the cash rate changes can affect your savings, term deposits, home loans and what you can do about it.

If the rate rises

Find an account which offers the same features and fees but with a better rate.

If the rate gets cut

Consider comparing a competitive term deposit rate so your interest earnings don't suffer.

If the rate holds

Carry out a quick comparison to make sure you're getting the best return on your money, see what promotions banks are offering.

If the rate rises

Ask your lender for a rate discount so that if rates do rise you won't be worse off, or alternatively, compare other variable or even fixed rate home loans to find a better deal.

If the rate gets cut

See how your lender responds to the cut. If they don't pass on the full rate cut, ask for a rate discount, and if you're still not happy start comparing what other deals are in the market. Some lenders have been known to pass on more than the official rate cut after an RBA announcement!

If the rate holds

Compare other variable rate home loans to make sure you're still getting the best deal. If rates are tipped to rise in the near future you may also want to compare fixed rates.

If the rate rises

Your rate won't rise as you locked it in, so you can relax a little. If your fixed rate is soon to end, start comparing what deals are being offered so you don't find yourself scrambling to lock in another rate.

If the rate gets cut

If you feel your home loan is no longer competitive, you might want to obtain a quote from your lender to find out possible exit costs. If this figure is reasonable, you might want to consider comparing variable home loans. Use our switching costs calculator to see if you'd save.

If the rate holds

Because your rate is fixed for an agreed period of time, a decision by the RBA to hold won't have as much of an effect on you depending on how long you still have to go in your fixed term. As mentioned above, you might still want to monitor the other deals in the market to keep informed.

If the rate rises

If rates rise, savings accounts rates could be increased as well. If this happens, you might want to compare the rates of high interest savings accounts. Remember that most term deposits have interest penalties if you withdraw your funds early, so keep this in mind.

If the rate gets cut

Your rate won't change because it's locked in, but if you're nearing the end of your term start comparing both high interest savings accounts and term deposits to find a good deal.

If the rate holds

Compare accounts and ensure you're aware of what's being offered in the market.

History of the Reserve Bank of Australia official Cash Rate

The graph above shows the movement in the official cash rate target. A lower cash rate reduces the cost of borrowing money so more people are encouraged to borrow - stimulating the economy. Higher interest rates tends to subsequently encourage spending. This is how a rise or fall in rates affects the level of supply and demand and therefore the level of inflation - which the RBA wants to keep in the target range of 2%-3%.

What is the Reserve Bank of Australia and what is the cash rate target?

The Reserve Bank of Australia (RBA) is the government body that implements monetary policy by setting the Australian cash rate, announced on the first Tuesday of the month. Although the Reserve Bank is government-funded, it is independent of party politics, and has free rein to make its rates decisions without any political influence. The official cash rate is watched by many people, but none more closely than the nation's top economists.

When the RBA decides the appropriate cash rate, its primary aim is to keep inflation to a stable level of two to three per cent. When inflation is moderated in this way, it keeps the value of the Australian dollar stable and supports long-term growth in the economy, with a view to keeping a high employment rate. The RBA announcement of the cash rate each month is watched closely by the media and home-owners because it is one of the key factors that determine the interest rates set by banks for their home loans. While banks' lending rates have historically risen and fallen in line with changes in the RBA's cash rate announcement, in recent years the banks have been criticised for not following the RBA's lead.

The interest charged by banks can have a huge impact on the bottom line of a household budget because of the size of their mortgage repayments, so it's useful to understand how the banks decide on the rate that they set.

The interest payment charged by the bank is made up of the cash rate, a risk premium for individual borrowers and a profit margin. In addition to this, there has been an extra factor charged since the global financial crisis because of the reduction in readily accessible cash. The classic supply-demand conundrum has driven up the cost of global inter-bank lending – meaning there is less supply of cash so it has become more expensive – so banks are passing on this cost to consumers by charging higher interest rates.
It's important for home owners to keep an eye on their lender and know they have the power to vote with their feet: if they're not happy with the rates their banks set each month after the RBA cash rate announcement, they should do their research and consider shifting to a new lender.


What drives interest rates?

  • - Supply and demand: an increase in the demand for credit will place an upward pressure on interest rates, and vice versa
  • - Inflation: higher inflation means interest rates will probably rise
  • - Government/Monetary policy: when the government buys or sells securities. If the government bought more securities, banks have access to more money than they can use to lend and therefore the interest rate will decrease

Compare home loans today

Whatever the RBA decides each month, it's always a good idea to ensure your home loan stacks up well against what else is being offered in the marketplace. You can compare some current home loan deals below.

Rates last updated December 7th, 2016
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Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
HSBC Home Value Loan - Resident Owner Occupier only
Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.
3.55% 3.57% $0 $0 p.a. 90% Go to site More info
3.74% 3.74% $0 $0 p.a. 80% Go to site More info
loans.com.au Essentials - New Purchases Only Up to 80% LVR (Owner Occupier, P&I)
Low variable rate for new purchases as well as no application or ongoing fees. Special offer ends 15 December.
3.39% 3.41% $0 $0 p.a. 80% Go to site More info
State Custodians Standard Variable Spring Special - LVR 80% (Owner Occupier)
Special Owner Occupier Rate. Free Offset Account.
3.59% 3.92% $0 $299 p.a. 80% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.59% 4.42% $0 $375 p.a. 85% Go to site More info
ANZ Breakfree Package Home Loan - 2 Year Fixed (Owner Occupier) $150k+
This 2 year fixed ANZ Breakfree Package rate comes with package discount and product bundle. Terms and conditions, package fee and fees, charges & eligibility criteria apply.
3.75% 4.62% $0 $395 p.a. 95% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)
A fixed rate package loan with flexible repayments options. 250,000 Velocity Frequent Flyer point offer, conditions apply.
3.75% 4.87% $0 $395 p.a. 95% Go to site More info
ClickLoans The Online Home Loan - Owner Occupier ≤ 80% LVR
Enjoy a competitive interest rate when you have a deposit of at least 20%.
3.69% 3.69% $0 $0 p.a. 80% Go to site More info
loans.com.au Offset Variable - New Purchases Only Up to 80% LVR (Owner Occupier, P&I)
No application or annual fees, and access to a 100% offset account. Special offer ends 15 December.
3.49% 3.51% $0 $0 p.a. 80% Go to site More info
Bank Australia Basic Home Loan - Variable (Owner Occupier)
A competitive variable that allows borrowers to borrow from a minimum of $100,000 and $0 ongoing fee.
3.59% 3.60% $0 $0 p.a. 80% Go to site More info
CUA Kick Start Variable Home Loan - 2 Years Introductory (Owner Occupier)
Borrow up to 90% LVR and enjoy an introductory rate for the first 2 years.
3.69% 3.87% $600 $0 p.a. 90% Go to site More info
Australian Unity Kick Starter Home Loan
$0 ongoing service fees, maximum 80% LVR and a linked transaction account.
3.79% 3.82% $600 $0 p.a. 80% Go to site More info
State Custodians Breathe Easy Spring Special  - LVR 80% (Owner Occupier)
No application or monthly fees. Includes offset feature.
3.72% 3.75% $0 $0 p.a. 80% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.74% 4.12% $0 $395 p.a. 95% Go to site More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
A competitive budget rate without any unwanted bells and whistles.
3.87% 3.92% $445 $0 p.a. 90% Go to site More info
Switzer Home Loan
No upfront or ongoing fees and a competitive variable rate for owner occupiers.
3.89% 3.89% $0 $0 p.a. 90% Go to site More info
Greater Bank Ultimate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A discounted rate with 100% offset account. NSW, QLD and ACT residents only.
3.89% 4.27% $0 $375 p.a. 85% Go to site More info
loans.com.au Essentials - Variable Refinancers Only (Owner Occupier, P&I)
A low-interest rate loan suited for refinancing with no application or ongoing fees.
3.59% 3.61% $0 $0 p.a. 80% Go to site More info
State Custodians Standard Variable Spring Special - LVR 90% (Owner Occupier)
Special Owner Occupier Rate. Free Offset Account.
3.69% 4.02% $0 $299 p.a. 90% Go to site More info
3.94% 4.33% $0 $395 p.a. 90% Go to site More info
Bank Australia Premium Home Loan Package - 2 Year Fixed (Owner Occupier) LVR < 80%
Buy a new home even if you haven't yet sold your existing one with the bankmecu Bridging Loan
3.69% 4.24% $0 $350 p.a. 95% Go to site More info
IMB Accelerator Home Loan  - LVR <=80% $300k+ (Owner Occupier)
A two year discounted rate which reverts to an ongoing life of loan discount afterwards.
3.64% 4.39% $445 $0 p.a. 80% Go to site More info
Beyond Bank Low Rate Special Home Loan
A special low variable rate for Owner Occupier with 100% offset account and no application or ongoing fees.
3.73% 3.73% $0 $0 p.a. 70% Go to site More info
Greater Bank Great Rate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A competitive rate with redraw facility. NSW, QLD and ACT residents only.
3.89% 3.89% $0 $0 p.a. 85% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Owner Occupier)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your home value.
3.99% 4.81% $0 $0 p.a. 95% Go to site More info
ME Bank Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
3.84% 4.66% $0 $0 p.a. 95% Go to site More info
ClickLoans The Online Investor Home Loan - LVR <70%
An investment home loan with competitive rate and 100% offset account.
3.79% 3.79% $0 $0 p.a. 70% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 5 Year Fixed ($150K+ Investor)
A discounted 5 years fixed rate with a redraw facility and no application fee.
4.09% 4.55% $0 $375 p.a. 85% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 2 Year Fixed ($150K+ Owner Occupier)
Discount off an already competitive 2 year fixed rate for loans over $150k. NSW,QLD and ACT residents only.
3.74% 4.40% $0 $375 p.a. 85% Go to site More info
AMP Essential Home Loan  -  Owner Occupier
Take advantage of a redraw facility, competitive variable rate and no application or settlement fees for a limited time.
3.98% 4.00% $350 $0 p.a. 90% Go to site More info
Bank Australia Premium Home Loan Package - LVR<=80% $700k + (Owner Occupier)
Enjoy the discounted interest rate with redraw facility and no ongoing fees.
3.74% 4.09% $0 $350 p.a. 95% Go to site More info
ME Bank Basic Home Loan - LVR <=80% Owner Occupier
A low variable rate loan with no application or ongoing fees.
3.99% 4.01% $0 $0 p.a. 80% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Owner Occupier)
Get a short term fixed rate for that investment property with no application or ongoing fees.
3.99% 4.90% $0 $0 p.a. 95% Go to site More info
CUA Kick Start Variable Home Loan - 2 Years Introductory (New Investment Only)
Enjoy a 2 year introductory rate with CUA Kickstart Variable Home Loan.
3.69% 4.28% $600 $0 p.a. 90% Go to site More info
Switzer Fixed Rate Home Loans - 2 Years Fixed Rate
A competitive 2 year fixed rate with your very own lending service manager.
3.97% 3.99% $0 $0 p.a. 80% Go to site More info
CUA Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed home loan with no ongoing fees and flexible repayments options.
3.69% 4.56% $600 $0 p.a. 95% Go to site More info
Australian Unity Health, Wealth and Happiness Package - (Owner Occupier)
Get a 0.60% discount on your rate, a 100% offset account and no ongoing fees.
3.99% 4.02% $600 $0 p.a. 90% Go to site More info
NAB Base Variable Rate Home Loan - Owner Occupier (P&I)
A competitive no frills home loan with no application fees for a limited time. 250,000 Velocity Frequent Flyer point offer, conditions apply.
4.10% 4.14% $0 $0 p.a. 95% Go to site More info
Switzer Investment Loan
An investment loan with no application or ongoing fees, and your very own lending service manager.
4.09% 4.09% $0 $0 p.a. 80% Go to site More info
3.89% 3.89% $0 $0 p.a. 80% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Years Fixed (Owner Occupier)
Split your loan for free with one of the lowest fixed home loan rates.
3.99% 4.73% $0 $0 p.a. 95% Go to site More info
IMB Essential Home Loan - LVR < 80% (Owner Occupier)
Get a discount on your rate and flexible repayment options with this loan.
4.09% 4.09% $0 $0 p.a. 80% Go to site More info
NAB Choice Package Variable Rate - $250k to $749,999 P&I (Owner Occupier)
A great variable package from NAB which includes offset and redraw features. No application fee.
4.40% 4.79% $0 $395 p.a. 95% Go to site More info
ME Bank Flexible Home Loan Fixed - 2 Year Fixed Rate (Owner Occupier)
No application or ongoing fees and a competitive 2 year fixed rate.
3.84% 4.75% $0 $0 p.a. 95% Go to site More info
NAB Choice Package Home Loan - 5 Year Fixed (Owner Occupier)
A competitive loan with flexible features. 250,000 Velocity Frequent Flyer point offer, conditions apply.
4.59% 5.02% $0 $395 p.a. 95% Go to site More info
Westpac Flexi First Option Home Loan - 3 Years Introductory Special Offer (New Owner Occupier, P&I)
A limited time deal for new owner occupiers. Advertised rate includes 1.03%p.a. discount for the first two years.
3.99% 4.37% $0 $0 p.a. 95% More info
St.George Basic Home Loan - Promotional Rate (Owner Occupier, P&I)
A no frills loan with a competitive rate and a maximum LVR of 95%.
4.08% 4.09% $0 $0 p.a. 95% More info
Suncorp Home Package Plus Fixed - 3 Year Fixed Rate (Special Offer $150k+ LVR <=90% Owner Occupier)
Lock in a special offer rate for 3 years for loans over $150k with LVR below 90%.
3.64% 4.26% $0 $375 p.a. 90% More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier)
Fee free extra repayments available during the fixed term. $1,250 cash back offer for refinancers. Conditions apply.
3.99% 5.00% $0 $395 p.a. 95% More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cash back available for refinancers, conditions apply.
3.99% 5.07% $0 $395 p.a. 95% More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years
A low interest rate home loan and competitive two year fixed rate.
3.99% 4.97% $0 $395 p.a. 95% More info

Compare savings account interest rates today

It's also a good idea to regularly compare savings accounts to ensure you're still getting a competitive interest rates. Interest rates for high interest savings accounts also increase if the cash rate increases, therefore getting a higher return on your investment.

Rates last updated December 7th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ME Online Savings Account
Ongoing, variable 3.05% p.a. rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit MasterCard using tap & go. Available on balances up to $250,000.
3.05% 1.30% 1.75% $0 $0 / $0 Open More
Citibank Online Saver
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
3.00% 1.70% 1.30% $0 $0 / $0 Open More
RaboDirect High Interest Savings Account
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 2.00% p.a. Available on balances below $250,000.
3.05% 2.00% 1.05% $0 $0 / $0 Open More
ING DIRECT Savings Maximiser
Ongoing, variable 2.75% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month. Available on balances up to $100,000.
2.75% 1.60% 1.15% $0 $0 / $0 Open More
Bankwest Hero Saver
Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $5,000,000.
2.65% 0.01% 2.64% $0 $0 / $0 Open More
AMP Saver Account
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
2.55% 2.10% 0.45% $0 $0 / $0 Open More
ANZ Online Saver
Introductory rate of 2.85% p.a. for 6 months, reverting to 1.25% p.a. Available on the entire balance.
2.85% 1.25% 1.60% $0 $0 / $0 Open More
Westpac eSaver
Introductory rate of 2.71% p.a. for 5 months, reverting to a rate of 1.25% p.a. Available on the entire balance.
2.71% 1.25% 1.46% $0 $0 / $0 Open More
HSBC Serious Saver
Introductory rate of 2.25% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
2.25% 1.60% 0.65% $0 $0 / $0 Open More
BankSA Maxi Saver
Introductory rate of 3.00% p.a. for 3 months, reverting to a rate of 1.05% p.a. Available on the entire balance.
3.00% 1.05% 1.95% $0 $1 / $1 Open More
Bank of Melbourne Maxi Saver
Introductory rate of 3.00% p.a. for 3 months, reverting to 1.05% p.a. Available on the entire balance.
3.00% 1.05% 1.95% $0 $1 / $1 Open More
BankSA Incentive Saver Account
Ongoing, variable 1.85% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
Bank of Melbourne Incentive Saver
Ongoing, variable 1.85% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $1 / $1 Open More
ANZ Progress Saver
Ongoing, variable 1.91% p.a. when you link to any Australian everyday bank account and deposit $10+ each month. Available on the entire balance.
1.91% 0.01% 1.90% $0 $10 / $10 Open More
Westpac Reward Saver
Ongoing, variable 1.85% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More

While the interest rate on variable personal loans can change with the cash rate, they generally don’t. Fixed interest rate personal loans won’t be affected by the cash rate because interest is fixed for the loan term. If you’re looking to get a competitive rate on your personal loan, compare low interest rate personal loans.

Disclaimer: The comments, forecasts, projections and other predictive statements by the panel of experts are assumptions based on currently available information. These forecasts are based on industry trends and economic factors that involve risks, variables and uncertainties. No guarantee is presented or implied as to the accuracy of these forecasts and consumers are advised to read product disclosure statements and understand if financial products are right for them before signing up.

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36 Responses to RBA Official Cash Rate Target Predictions, Historical Graphs & Data

  1. Default Gravatar
    Julie | September 1, 2016

    When do you think the RBA will start raising rates?

    • Staff
      Jodie | September 7, 2016

      Hi Julie,

      Thank you for contacting finder.com.au we are a financial comparison website and general information service.

      It is hard to predict the movement of the cash rate as it is based on a multitude of factors that are continually changing however 7 out of the 38 experts we surveyed in our latest RBA survey for September 2016 said they predict it will start going up in July 2017 or beyond.

      Regards
      Jodie

  2. Default Gravatar
    Eric | February 25, 2016

    Hi Belinda

    Appreciate if you would also send me informations regarding findings of monthly RBA survey.

    Regards
    Eric

    • Staff
      Belinda | February 26, 2016

      Hi Eric,

      Thanks for getting in touch.

      On this page, you can view the RBA Cash Rate Target Announcements for each month from February 2015 until February 2016. You can also view the commentary of our resident rate experts in the lead up to each Board meeting which occurs on the first Tuesday of every month (except January).

      Please feel free to sign up to receive our detailed RBA cash rate updates by completing the form provided above.

      Regards,
      Belinda

  3. Default Gravatar
    Syed | December 8, 2015

    Hi,
    My new house is ready now and wondering what is the best time to sell, should I put my house in the market now or January or wait for the February. I am not committed any where so I can wait.

    Your advise needed.

    Thanks

    • Staff
      Belinda | December 9, 2015

      Hi Syed,

      Thanks for your enquiry.

      As finder.com.au is an online comparison service so we are not licensed to give you personal advice regarding the best time to sell your property.

      You can read our guide here about considerations when selling your house.

      All the best,
      Belinda

  4. Default Gravatar
    looooool | August 16, 2015

    hello.
    i wonder if i could receive some information regarding not only the latest current economic situation, but also cash rate movements over the year.

    • Staff
      Belinda | August 17, 2015

      Hi Dongho,

      Thanks for your enquiry.

      Above on this page you can view the ‘Reserve Bank monthly announcements’ to read about the cash rate movements and monetary policy decisions that have occurred over the course of this year. You can also sign up to receive our RBA cash rate updates by filling in the form provided above.

      In regards to the current economic situation, finder.com.au is an online comparative website and we can’t comment on the activity of the broader Australian economy.

      Thanks,
      Belinda

  5. Default Gravatar
    Oli | July 17, 2015

    Can you please send through the information on the RBA via email?
    I’m doing a school Economic assignment on the RBA and financial markets

    • Staff
      Belinda | July 17, 2015

      Hi Oli,

      Thanks for your enquiry.

      I’ve emailed you with some information regarding the findings from our monthly RBA survey.

      Please note that on this page you can sign up to receive our RBA cash rate updates.

      Thanks,
      Belinda

  6. Default Gravatar
    yazmin | July 7, 2015

    Hi,

    I was just wondering if I could have information regarding how interests rates will unfold over the next year. In particular, if the current interest rates will be appropriate for the economic conditions in Australia.

    Thank you
    Yazmin

    • Staff
      Belinda | July 8, 2015

      Hi Yazmin,

      Thanks for your enquiry.

      Firstly, I’d like to point out that finder.com.au is an online comparison and general information service so we’re not in a position to forecast interest rates.

      However, on this page you can sign up to receive our RBA cash rate updates which you might find useful.

      Thanks,
      Belinda

  7. Default Gravatar
    Jeff | June 22, 2015

    I also would like to know what the RBA is likely to do with interest rates over the next 12 months or at least material to allow me to make my own assessment please.

    thank you

    Jeff S

    • Staff
      Jodie | June 22, 2015

      Hi Jeff,

      I have emailed you the information we sent to others people who have asked us regarding the RBA.

      Regards
      Jodie

  8. Default Gravatar
    TJ | June 17, 2015

    Hi,

    I also would like to know what the RBA is likely to do with interest rates over the next 12 months

    Regards

    • Staff
      Jodie | June 17, 2015

      Hi TJ,

      Thank you for making contact with finder.com.au, an online comparison website.

      I have sent through to you via email the same information regarding the RBA predictions that was sent to Patrick by mu colleague Belinda, I hope this helps.

      Regards
      Jodie

  9. Default Gravatar
    Hi | June 12, 2015

    What is the RBA likely to do with interest rates within; 3 months, 6 months, 12 months, and 18 months timeframes.

    Refer to movement in interest rates (up, down or no change) and provide reasons.

    • Staff
      Belinda | June 15, 2015

      Hi Patrick,

      Thanks for your enquiry.

      I’ve sent you an email with some information and findings from our monthly Reserve Bank Survey.

      Kind regards,
      Belinda

    • Default Gravatar
      Hi | June 15, 2015

      Hi Belinda,
      Thanks for your assistance! I found it quite useful.

  10. Default Gravatar
    | May 11, 2015

    Hi,

    I would like to know when are they going to cut interest rates on Credit Cards ?

    Why is the government so spineless when it comes to forcing Banks to lower credit card rates.

    • Staff
      Sally | May 19, 2015

      Hi Ken,

      Thank you for your question.

      Interest rate changes in a product range is subject to the bank’s individual lending policies. In regards to monetary policy and the interest rates of banks, changes in the interest rate will create an inverse movement in the monetary supply of an economy, affecting the supply and demand of monetary assets. For more information on why banks need to react accordingly to monetary policy changes it may be recommended to seek the advice of an accredited economic reporting body.

      I hope this answered your question.

      Thanks,

      Sally

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