The Reserve Bank uses monetary policy to maintain price stability as defined in the Policy Targets Agreement (PTA). The current PTA requires the Bank to keep inflation between 1 and 3 percent on average over the medium term, with a focus on keeping future average inflation near the 2 percent target midpoint. The Bank implements monetary policy by setting the Official Cash Rate (OCR), which is reviewed eight times a year.
Date(Links are to news releases) |
Change in OCR |
OCR rate |
3.50 |
||
+0.25 |
3.50 |
|
+0.25 |
3.25 |
|
+0.25 |
3.00 |
|
+0.25 |
2.75 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
-0.50 |
2.50 |
|
No change |
3.00 |
|
No change |
3.00 |
|
No change |
3.00 |
|
No change |
3.00 |
|
+0.25 |
3.00 |
|
+0.25 |
2.75 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
No change |
2.50 |
|
-0.50 |
2.50 |
|
-0.50 |
3.00 |
|
-1.50 |
3.50 |
|
-1.50 |
5.00 |
|
-1.00 |
6.50 |
|
-0.50 |
7.50 |
|
-0.25 |
8.00 |
|
No change |
8.25 |
|
No change |
8.25 |
|
No change |
8.25 |
|
No change |
8.25 |
|
No change |
8.25 |
|
No change |
8.25 |
|
No change |
8.25 |
|
+0.25 |
8.25 |
|
+0.25 |
8.00 |
|
+0.25 |
7.75 |
|
+0.25 |
7.50 |
|
No change |
7.25 |
|
No change |
7.25 |
|
No change |
7.25 |
|
No change |
7.25 |
|
No change |
7.25 |
|
No change |
7.25 |
|
No change |
7.25 |
|
No change |
7.25 |
|
No change |
7.25 |
|
+0.25 |
7.25 |
|
+0.25 |
7.00 |
|
No change |
6.75 |
|
No change |
6.75 |
|
No change |
6.75 |
|
No change |
6.75 |
|
+0.25 |
6.75 |
|
No change |
6.50 |
|
No change |
6.50 |
|
+0.25 |
6.50 |
|
+0.25 |
6.25 |
|
+0.25 |
6.00 |
|
+0.25 |
5.75 |
|
+0.25 |
5.50 |
|
No change |
5.25 |
|
+0.25 |
5.25 |
|
No change |
5.00 |
|
No change |
5.00 |
|
No change |
5.00 |
|
-0.25 |
5.00 |
|
-0.25 |
5.25 |
|
-0.25 |
5.50 |
|
No change |
5.75 |
|
No change |
5.75 |
|
No change |
5.75 |
|
No change |
5.75 |
|
No change |
5.75 |
|
+0.25 |
5.75 |
|
+0.25 |
5.50 |
|
+0.25 |
5.25 |
|
+0.25 |
5.00 |
|
No change |
4.75 |
|
-0.50 |
4.75 |
|
No change |
5.25 |
|
-0.50 |
5.25 |
|
No change |
5.75 |
|
No change |
5.75 |
|
-0.25 |
5.75 |
|
-0.25 |
6.00 |
|
-0.25 |
6.25 |
|
No change |
6.50 |
|
No change |
6.50 |
|
No change |
6.50 |
|
No change |
6.50 |
|
No change |
6.50 |
|
+0.50 |
6.50 |
|
+0.25 |
6.00 |
|
+0.50 |
5.75 |
|
+0.25 |
5.25 |
|
+0.50 |
5.00 |
|
No change |
4.50 |
|
No change |
4.50 |
|
No change |
4.50 |
|
No change |
4.50 |
|
No change |
4.50 |
|
OCR introduced |
4.50 |
For further information on the Official Cash Rate, read the fact sheet “What is the Official Cash Rate?”, also try “The Official Cash Rate in action” and the March 1999 Reserve Bank Bulletin article “A cash rate system for implementing monetary policy”.
View the Reserve Bank's latest news conferences and highlights, educational videos, speeches and lectures. Older videos are available on the Reserve Bank's YouTube channel.
The following is the Reserve Bank’s schedule for the release of Monetary Policy Statements (MPS) and Official Cash Rate (OCR) announcements. Announcements are made at 9.00am on the day concerned and are posted to the website shortly after. *
* The Reserve Bank reserves the right to make changes, if required due to unexpected developments. In that unlikely event, the markets and the media would be given as much warning as possible.
See the Webcasts page for information on accessing the Bank's webcasts.
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