Stance over time
Each dot is one speech or statement by the RBA, scored from dovish to hawkish; the line is the trailing 30-day average. Hover a dot for the date and speaker.
Latest decision
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, and will be attentive to the data and the evolving outlook and risks.
- Rate
- RBA cash rate target
- Vote
- unanimous
Decision history
| Date | Action | Rate | Vote |
|---|---|---|---|
| 29 Sep 2026 | Hike +25bp | 4.60% | unanimous |
| 11 Aug 2026 | Hold | 4.35% | unanimous |
RBA forecasts: real GDP growth
| Economy | 2026 | Revision | 2027 | Revision |
|---|---|---|---|---|
| Australia | 1.4% | ▲ +0.1 | 1.6% | ▲ +0.2 |
RBA forecasts: inflation
| Economy | 2026 | Revision | 2027 | Revision |
|---|---|---|---|---|
| Australiacore | 3.0% | ▼ -0.1 | 2.4% | ▼ -0.1 |
| Australia | 2.8% | ▲ +0.4 | 2.4% | ▼ -0.1 |
Revision is the change from the bank’s previous edition, in percentage points.
Recent speeches and statements
- 1 Oct 2026 · StatementReserve Bank of Australia
Financial institutions should continue to build resilience to financial, operational and geopolitical shocks and strengthen crisis preparedness plans.
financial stabilityhouseholdsbanksgeopoliticsRelease of Financial Stability Review – October 2026 → - 29 Sep 2026 · Rate decisionHawkish +1.5Hike +25bpReserve Bank of Australia
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, and will be attentive to the data and the evolving outlook and risks.
inflationenergycash ratehousinglabour marketStatement by the Monetary Policy Board: Monetary Policy Decision → - 22 Sep 2026 · SpeechHawkish +1.0Reserve Bank of Australia
The Board will meet in just over a week to assess whether tightening to date is sufficient to return inflation to target in a reasonable time. Monetary policy is well placed to respond, and inflation is not expected to return to the target midpoint until late 2027.
inflationmonetary policylabour markethousing marketpayments systemOpening statement - House of Representatives Standing Committee on Economics → - 18 Sep 2026 · SpeechHawkish +1.3Michele Bullock
A key question is whether the tightening to date will be sufficient to return inflation to target in a reasonable time; if cost pass-through becomes embedded, inflation could require a stronger policy response.
inflationenergylabour markethousingpaymentsTestimony Opening Statement to the House of Representatives Standing Committee on Economics → - 3 Sep 2026 · StatementReserve Bank of Australia
The RBA and Treasury see no clear public interest case for a retail CBDC; the RBA will keep prioritising wholesale tokenisation work and reassess retail CBDC if circumstances change.
cbdcpaymentstokenisationcashRITS Consultation and Retail CBDC Update → - 25 Aug 2026 · SpeechReserve Bank of Australia
Reserves are not yet at ample levels; the RBA will meet demand via full-allotment OMOs, may use FX swaps or short-term AGS purchases if needed, and the open repo facility will cease from early next year.
liquiditybalance sheetmoney marketsmonetary policy implementationThe Road to Ample - Towards a Demand-driven Liquidity Regime → - 13 Aug 2026 · SpeechHawkish +0.5Christopher Kent
The Board judged monetary policy to be somewhat restrictive, with the three cash rate increases earlier this year working as intended; slower aggregate demand growth is needed to bring inflation back to target. The Board will carefully weigh the many factors influencing financial conditions.
monetary policy stancefinancial conditionshousing marketneutral rateai investmentThe restrictive stance of monetary policy → - 13 Aug 2026 · SpeechHawkish +0.3Christopher Kent
Monetary policy is judged somewhat restrictive and the tightening earlier this year is working; the Board will carefully consider the wide range of factors influencing financial conditions as it updates its outlook.
financial conditionsneutral ratehousingfxai investmentFireside Chat The Restrictive Stance of Monetary Policy → - 11 Aug 2026 · Rate decisionHawkish +0.5HoldReserve Bank of Australia
The Board left the cash rate unchanged while it assesses how the economy is evolving, and will do what it considers necessary to bring inflation sustainably back to target, including raising the cash rate further if upside risks materialise.
inflationenergylabour markethousingfinancial conditionsStatement by the Monetary Policy Board: Monetary Policy Decision → - 5 Aug 2026 · ProjectionsHawkish +0.5Reserve Bank of Australia
The Board left the cash rate at 4.35% while it assesses how the economy evolves. It notes inflation is likely to stay high for some time with upside risks, and will do what it considers necessary to bring inflation sustainably back to target.
inflationmonetary policyenergyhousing marketlabour marketStatements on Monetary Policy → - 28 Jul 2026 · SpeechHawkish +1.0Michele Bullock
Some further easing in demand growth is likely required to bring inflation sustainably to target. The Board is prepared to act as required, including by increasing the cash rate further if needed.
inflationenergysupply shockshousing marketlabour marketMichele Bullock: Monetary policy in an era of shocks → - 28 Jul 2026 · SpeechHawkish +1.0Michele Bullock
The Board is prepared to act as required to achieve its mandate, including by increasing the cash rate further if needed.
inflationsupply shocksenergylabour markethousingSpeech: “Monetary Policy in an Era of Shocks” → - 8 Jul 2026 · SpeechHawkish +0.5Sarah Hunter
The RBA must ensure inflation returns sustainably to target. For supply shocks, monetary policy should avoid reacting to temporary price effects but lean against them if inflation expectations de-anchor or persistence builds, with a risk of second-round effects.
supply shocksinflationinflation expectationsmonetary policy frameworkenergySarah Hunter: Understanding supply shocks and their implications for monetary policy → - 29 Jun 2026 · SpeechChristopher Kent
The cash rate target remains the primary and preferred instrument; additional tools would be used only if necessary when the cash rate is very low. Negative rates and FX purchases would be considered only in truly exceptional circumstances.
additional monetary policy toolsbalance sheetforward guidancebond purchasesyield targetChristopher Kent: Additional monetary policy tools - reflections and a new framework →
Other central banks
How this page is made
We collect what central banks and multilateral institutions publish: rate decisions, meeting minutes, officials’ speeches and staff projections. AI reads each document and records who is speaking, whether they vote on policy, the forward guidance, any decision taken and any forecasts.
Stance is scored from strongly dovish (−2) to strongly hawkish (+2): above +0.2 reads as hawkish, below −0.2 as dovish, in between as neutral. It is an interpretation of the wording, not an official classification. Figures are as stated in the source document; always check the original, linked from every entry.