Banks › Reserve Bank of Australia › History › 5 May 2026
Reserve Bank of Australia: decision of 5 May 2026
The Reserve Bank of Australia raised the cash rate target by 25 basis points to 4.35%, its third increase of 2026.
Decision
raise
- Rate
- 4.10%↑4.35%
- Change
- +25 bp
- Vote
- 8–1
- Announced
- 14:30 Sydney time
Sources
- Statement
- rba.gov.au/media-releases/2026/mr-26-12.…
- Minutes
- rba.gov.au/monetary-policy/rba-board-min…
- Media conference
- rba.gov.au/speeches/2026/mc-gov-2026-05-…
- Statement on Monetary Policy
- rba.gov.au/publications/smp/2026/may/
- Recorded
- 5 May 2026
- Data
- JSON
What the bank said
The Board said the conflict in the Middle East had pushed up fuel and related commodity prices, adding to inflation with possible second-round effects on other goods and services.
It noted that some firms facing cost pressures appeared to be planning price increases and that short-term inflation expectations had risen.
The Board judged that inflation was likely to stay above target for some time and that the risks were tilted to the upside.
Guidance. The Board said it would do what it considers necessary to bring inflation back to target.
Dissent
One member voted to keep the cash rate target at 4.10%.
Before and after
- Previous decision: 17 Mar 2026, raised the cash rate target by 25 bp to 4.10%.
- Next decision: 16 Jun 2026, held the cash rate target at 4.35%.
- All Reserve Bank of Australia decisions and the rate history