Official Cash Rate (OCR) decisions and current rate

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

11 August 2016

-0.25

2.00

9 June 2016

No change

2.25

28 April 2016

No change

2.25

10 March 2016

-0.25

2.25

28 January 2016

No change

2.50

10 December 2015

-0.25

2.50

29 October 2015

No change

2.75

10 September 2015

-0.25

2.75

23 July 2015

-0.25

3.00

11 June 2015

-0.25

3.25

30 April 2015

No change

3.50

12 March 2015

No change

3.50

29 January 2015

No change

3.50

11 December 2014

No change

3.50

30 October 2014

No change

3.50

11 September 2014

No change

3.50

24 July 2014

+0.25

3.50

12 June 2014

+0.25

3.25

24 April 2014

+0.25

3.00

13 March 2014

+0.25

2.75

30 January 2014

No change

2.50

12 December 2013

No change

2.50

31 October 2013

No change

2.50

12 September 2013

No change

2.50

25 July 2013

No change

2.50

13 June 2013

No change

2.50

24 April 2013

No change

2.50

14 March 2013

No change

2.50

31 January 2013

No change

2.50

6 December 2012

No change

2.50

25 October 2012

No change

2.50

13 September 2012

No change

2.50

26 July 2012

No change

2.50

14 June 2012

No change

2.50

26 April 2012

No change

2.50

8 March 2012

No change

2.50

26 January 2012

No change

2.50

8 December 2011

No change

2.50

27 October 2011

No change

2.50

15 September 2011

No change

2.50

28 July 2011

No change

2.50

9 June 2011

No change

2.50

28 April 2011

No change

2.50

10 March 2011

-0.50

2.50

27 January 2011

No change

3.00

9 December 2010

No change

3.00

28 October 2010

No change

3.00

16 September 2010

No change

3.00

29 July 2010

+0.25

3.00

10 June 2010

+0.25

2.75

29 April 2010

No change

2.50

11 March 2010

No change

2.50

28 January 2010

No change

2.50

10 December 2009

No change

2.50

29 October 2009

No change

2.50

10 September 2009

No change

2.50

30 July 2009

No change

2.50

11 June 2009

No change

2.50

30 April 2009

-0.50

2.50

12 March 2009

-0.50

3.00

29 January 2009

-1.50

3.50

4 December 2008

-1.50

5.00

23 October 2008

-1.00

6.50

11 September 2008

-0.50

7.50

24 July 2008

-0.25

8.00

5 June 2008

No change

8.25

24 April 2008

No change

8.25

6 March 2008

No change

8.25

24 January 2008

No change

8.25

6 December 2007

No change

8.25

25 October 2007

No change

8.25

13 September 2007

No change

8.25

26 July 2007

+0.25

8.25

7 June 2007

+0.25

8.00

26 April 2007

+0.25

7.75

8 March 2007

+0.25

7.50

25 January 2007

No change

7.25

7 December 2006

No change

7.25

26 October 2006

No change

7.25

14 September 2006

No change

7.25

27 July 2006

No change

7.25

8 June 2006

No change

7.25

27 April 2006

No change

7.25

9 March 2006

No change

7.25

26 January 2006

No change

7.25

8 December 2005

+0.25

7.25

27 October 2005

+0.25

7.00

15 September 2005

No change

6.75

28 July 2005

No change

6.75

9 June 2005

No change

6.75

28 April 2005

No change

6.75

10 March 2005

+0.25

6.75

27 January 2005

No change

6.50

9 December 2004

No change

6.50

28 October 2004

+0.25

6.50

9 September 2004

+0.25

6.25

29 July 2004

+0.25

6.00

10 June 2004

+0.25

5.75

29 April 2004

+0.25

5.50

11 March 2004

No change

5.25

29 January 2004

+0.25

5.25

4 December 2003

No change

5.00

23 October 2003

No change

5.00

4 September 2003

No change

5.00

24 July 2003

-0.25

5.00

5 June 2003

-0.25

5.25

24 April 2003

-0.25

5.50

6 March 2003

No change

5.75

23 January 2003

No change

5.75

20 November 2002

No change

5.75

2 October 2002

No change

5.75

14 August 2002

No change

5.75

3 July 2002

+0.25

5.75

15 May 2002

+0.25

5.50

17 April 2002

+0.25

5.25

20 March 2002

+0.25

5.00

23 January 2002

No change

4.75

14 November 2001

-0.50

4.75

3 October 2001

No change

5.25

19 September 2001

-0.50

5.25

15 August 2001

No change

5.75

4 July 2001

No change

5.75

16 May 2001

-0.25

5.75

19 April 2001

-0.25

6.00

14 March 2001

-0.25

6.25

24 January 2001

No change

6.50

6 December 2000

No change

6.50

4 October 2000

No change

6.50

16 August 2000

No change

6.50

5 July 2000

No change

6.50

17 May 2000

+0.50

6.50

19 April 2000

+0.25

6.00

15 March 2000

+0.50

5.75

19 January 2000

+0.25

5.25

17 November 1999

+0.50

5.00

29 September 1999

No change

4.50

18 August 1999

No change

4.50

30 June 1999

No change

4.50

19 May 1999

No change

4.50

21 April 1999

No change

4.50

17 March 1999

OCR introduced

4.50