![RBA Hikes Rate to 4.85%: 18-Year High](https://cdn.slatesource.com/7/8/8/788f0fc5-ddaf-4e6c-b1d2-442a31d13f90.webp)

# RBA Hikes Rate to 4.85%: 18-Year High

- [Made in Slatesource](https://slatesource.com/@steph/rba-hikes-rate-to-4-85-18-year-high)
- By [Steph](https://slatesource.com/@steph)
- Created on Nov 3, 2026

**4.85%** Australia cash rate target from 3 November 2026

[rba.gov.au](https://www.rba.gov.au/media-releases/2026/mr-26-30.html?utm_source=slatesource)

## Five hikes in 2026

Date

Decision

New rate

Vote

3 Feb 2026

+25 bp

3.85%

Unanimous

17 Mar 2026

+25 bp

4.10%

5-4

5 May 2026

+25 bp

4.35%

8-1

29 Sep 2026

+25 bp

4.60%

Unanimous

3 Nov 2026

+25 bp

4.85%

6-3

[rba.gov.au](https://www.rba.gov.au/media-releases/2026/mr-26-30.html?utm_source=slatesource)

Extra per month on $500k mortgage

+$77

Extra per month on $731k mortgage (average)

+$115

Extra per month on $750k mortgage

+$120

Cumulative rise since January 2026 on $600k

+$500/month

Sept 2026 CPI year-on-year

4.3%

RBA inflation target band

2-3%

[savings.com.au](https://www.savings.com.au/news/rba-lifts-cash-rate-to-4-85?utm_source=slatesource)

## What is not yet settled

•

No explicit guidance was given on whether a sixth hike will follow. The Board said policy is well placed to respond.

•

The next RBA meeting date is 9 December 2026. No decision has been signalled.

•

A recession is not in the RBA's central case, but recession risk has risen with each successive hike.

•

October CPI, due mid-November, is the next key data point before December.

What to watch next

0%

\- 2026-11-12 (est.): October CPI release, the critical input before December.

\- 2026-11-03: Governor Bullock press conference, 03:30 UTC, for forward guidance.

\- 2026-12-09: Next RBA Board meeting, with an updated Statement on Monetary Policy.

\- 2027: Analysts at Westpac and CommBank forecast cuts begin August 2027 if inflation falls.

How we know this. RBA primary source: rba.gov.au media release mr-26-30, 3 November 2026 14:30 AEDT (03:30 UTC). Vote split and forward guidance: ABC News live blog (abc.net.au, 03:30 UTC), SBS live blog (sbs.com.au, 03:30 UTC). Mortgage repayment calculations by loan size: Canstar and REA Group analysis via savings.com.au and domain.com.au. Rate hike timeline: Kalkine Australia (kalkine.com.au) and rbawatch.com. CPI 4.3%: Australian Bureau of Statistics media release (abs.gov.au), October 2026.

[RBA: Statement by the Monetary Policy Board (primary source)](https://www.rba.gov.au/media-releases/2026/mr-26-30.html?utm_source=slatesource)

[ABC News: RBA hikes cash rate to 18-year high of 4.85 per cent](https://www.abc.net.au/news/2026-11-03/rba-interest-rates-markets-live-coverage/107338216?utm_source=slatesource)

[SBS: RBA November 2026 interest rates decision live](https://www.sbs.com.au/news/live-blog/rba-november-2026-interest-rates-decision-live/f6csn2n1w?utm_source=slatesource)

[Savings.com.au: Why the RBA hiked the cash rate this month](https://www.savings.com.au/news/rba-lifts-cash-rate-to-4-85?utm_source=slatesource)

[Domain: RBA hikes interest rates to 4.85 per cent](https://www.domain.com.au/news/rba-interest-rates-live-updates-november-2026-decision-1577726/?utm_source=slatesource)