RBA rate decision: how the Reserve Bank of Australia moves the Aussie

The RBA rate decision is the moment the Reserve Bank of Australia sets its cash rate, the overnight rate that Australian borrowing and saving are built on. It is the biggest scheduled event for the Australian dollar, and the Aussie often moves more on what the statement and the Governor say about the next meeting than on the decision itself.

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By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

RBA rate decision in short

Next release: Tuesday, 3 November 2026At the usual time, see below. The exact moment appears here in the week itself.
Published by: Reserve Bank of Australia
When: Eight times a year, on the second day of a two-day meeting, at 2:30 in the afternoon Sydney time. That is early morning in Amsterdam: 06:30 in the European summer and 04:30 in the European winter, with an hour in between around the clock changes.
Currency: Australian dollar (AUD)
Impact: High: one of the releases that can move the currency on its own
What is decided: The cash rate target, in steps of usually 0.25 percentage points
Who decides: The Monetary Policy Board of the Reserve Bank of Australia
Mandate: Inflation of 2 to 3%, aiming for the middle, and full employment
Comes with: A statement, a press conference an hour later, and four times a year the Statement on Monetary Policy

What the RBA rate decision contains

The decision is published as a short statement from the Monetary Policy Board: the new cash rate target and the reasons for it. An hour later the Governor holds a press conference, and that is where the market looks for hints about the next step.

Four times a year, in February, May, August and November, the decision comes with the Statement on Monetary Policy, the bank's full forecast for growth, jobs and inflation. Those are the meetings where the outlook is most likely to shift.

Why the RBA moves the Australian dollar

A higher cash rate makes holding Australian dollars pay more, which draws money in. The Aussie is also one of the most traded currencies for the gap between rates, so a change in what the market expects from the RBA moves it quickly.

Most decisions are priced well in advance. What moves the currency is the part that was not: a vote that was closer than expected, a sentence that drops a worry or adds one, or a forecast that changes the path for the meetings after.

How to read an RBA decision

Start with what was priced the day before. A hike that was fully expected and comes with a cautious statement can send the Aussie lower, because the market hears that this was the last one.

Then read the words about inflation against the 2 to 3% target and about the jobs market, the two halves of the mandate. The press conference often decides the move of the day, so the first reaction to the statement is not always the one that lasts.

The Aussie also trades on things the RBA does not control, such as the mood in global markets and the Chinese economy. On a day when those move hard, a decision can be drowned out.

What the Australian dollar did on the last release days

Measured on our own prices: the Australian dollar against the basket of the eight majors, from the London opening before the release to the one after it, so the release sits inside the window. Anything else that came out between those two openings is in it too, so a day with more news says less about this release alone.

Release	Amsterdam	Measured	AUD vs basket
29 Sept 2026	06:30	28 Sept to 29 Sept	-0.21%

For scale: on an ordinary day the Australian dollar moves 0.22% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about the RBA rate decision

What time is the RBA rate decision?

At 2:30 in the afternoon Sydney time, on the second day of the meeting. In Amsterdam that is 06:30 in the European summer and 04:30 in the winter, with an hour in between in the weeks around the clock changes.

How often does the RBA meet?

Eight times a year, each time over two days. Four of those meetings come with the Statement on Monetary Policy, the bank's full set of forecasts.

What is the RBA's inflation target?

Inflation between 2 and 3% on average, aiming for the middle of that band, next to full employment. The two together are its mandate.

Why did the Aussie fall after an RBA hike?

Because the hike was priced and the message around it was not as firm as the market had hoped. A currency moves on what changes in the outlook, and a hike that sounds like the last one can lower the outlook for rates.