This hub tracks the RBA cash rate, Australian variable and fixed mortgage rates at the big four banks (CBA, Westpac, ANZ, NAB), and what RBA meetings and quarterly CPI data mean for your home loan repayments. Primary sources: the Reserve Bank of Australia's cash rate target page, RBA media releases, ABS inflation data, and bank rate cards.

Current cash rate

As of the March 2026 meeting, the RBA official cash rate target is 4.10%, set on 17 March 2026 following two consecutive 25 basis point increases in February and March 2026. The next RBA Board meeting is 4-5 May 2026, with the decision announced at 2:30pm AEST on Tuesday 5 May.

The March-quarter Consumer Price Index (CPI) is released by the Australian Bureau of Statistics on 29 April 2026 at 11:30am AEST, six days before the RBA Board meets. That print is the most important single data release on the May decision.

How the RBA cash rate flows to your mortgage

  • Variable-rate home loans typically move by the same margin as the cash rate. A 25 basis point (0.25 percentage point) increase in the cash rate usually lifts variable mortgage rates by 0.25 percentage points within weeks.
  • Fixed-rate home loans already in place do not change, but new fixed rates at the big four banks reprice regularly based on bond yields and the RBA's forward guidance.
  • For a $600,000 variable-rate mortgage over 25 years, each 0.25 percentage point rise in the rate adds roughly $90 to the monthly repayment.

What drives the RBA's decision

  • Trimmed mean CPI. The RBA weights the ABS trimmed mean measure over headline CPI. A trimmed mean print above 3.5% usually supports a hike; a print near 3.2-3.4% makes a hold or a pause more likely.
  • Unemployment. A rising unemployment rate argues for holding or cutting. A still-tight labour market argues for holding or hiking.
  • Wages growth. The Wage Price Index (WPI) measures private and public-sector wage increases. Persistent wages growth above 4% supports a hike.
  • Household consumption. Retail trade, consumer confidence and mortgage-holder data tell the RBA whether existing rate settings are already slowing the economy.
  • Global rates. What the US Federal Reserve, ECB and Bank of England do shapes AUD/USD and therefore imported-goods inflation.

Where to check rates

The authoritative current target is published at the RBA Cash Rate Target page. Big four bank rate cards:

What households can do ahead of a meeting

  • Check your buffer. Most Australian borrowers were stress-tested at a rate roughly 3 percentage points above the prevailing variable rate at loan origination. If your buffer is thin, consider a budget review before the May print.
  • Consider fixing. If you expect further hikes, a 2- or 3-year fixed rate locks in certainty. Fixed rates at the big four currently sit above equivalent variables, reflecting expectations of further hikes.
  • Review offset balances. Every dollar in an offset account reduces interest charged. In a rising-rate environment the benefit compounds.
  • Check hardship options. ASIC requires all banks to offer hardship assistance for borrowers struggling with repayments. Applying earlier preserves more options.