Key points
  • The RBA Board lifted the cash rate by 25bps to 4.85%

As widely expected, the RBA Board voted to increase the cash rate by 25 basis points to 4.85%, taking the nation’s official interest rate to its highest level since November 2008. 

In its post-meeting statement, the RBA said inflation remains too high and more persistent than previously expected.

The central bank noted inflation is now expected to remain elevated through much of 2027 and warned there is an increasing risk higher inflation expectations could become embedded.

"The Board will continue to do what it considers necessary to bring inflation sustainably back to target," the post-meeting statement read.

The monetary policy board voted 6-3 in favour of the increase.

The Melbourne Cup Day decision marks the fifth rate rise of 2026 and follows the increase delivered at the Board’s previous meeting in September.

Australia’s official cash rate has now climbed 125 basis points since the monetary policy resumed its tightening cycle earlier this year. 

The big four banks had been in line in their expectations heading into the meeting after the latest CPI data revealed inflation remains stubborn above the central bank’s target range. 

The latest move means borrowers with a variable-rate mortgage could soon face another increase in their monthly repayments, while savers may benefit from higher deposit rates.

Keep updated.

Subscribe for rate change alerts.

Select Bank/Lender:
Subscribe

By subscribing you agree to our privacy policy

Here's how the big four banks responded to the RBA's November rate hike:

ANZ

ANZ has yet to announce its response. We'll update this page as announcements come through. 

Read more: ANZ Home Loan Interest Rates

Read more: ANZ Savings Account Interest Rates

Commonwealth Bank

The Commonwealth Bank has yet to announce its response. We'll update this page as announcements come through.

Read more: Commonwealth Bank Home Loan Interest Rates

Read more: Commonwealth Bank Savings Account Interest Rates

NAB

NAB has yet to announce its response. We'll update this page as announcements come through.

Read more: NAB Home Loan Interest Rates

Read more: NAB Savings Account Interest Rates

Westpac 

Westpac has yet to announce its response. We'll update this page as announcements come through.

Read more: Westpac Home Loan Interest Rates

Read more: Westpac Savings Account Interest Rates

More to come…