Official Cash Rate (OCR) decisions and current rate
The Reserve Bank uses monetary policy to maintain price stability as defined in the Remit. The current Remit 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 and supporting Maximum Sustainable Employment. The Bank implements monetary policy by setting the Official Cash Rate (OCR), which is reviewed seven times a year.
Update as of 23 June 2020: OCR Announcements Name Change
We are changing the name of the “OCR” announcements to “Monetary Policy Review (MPR)” announcements. This reflects the fact that other tools such as forward guidance and LSAP, not just the OCR, are being deployed to achieve the MPC’s mandate of low and stable inflation and full employment. The naming of MPS announcements will remain unchanged.
Date(Links are to news releases) |
Change in OCR |
OCR |
| 23 September 2020 | No change | 0.25 |
| 12 August 2020 | No change | 0.25 |
| 24 June 2020 | No change | 0.25 |
| 13 May 2020 | No change | 0.25 |
| 7 April 2020 | No change | 0.25 |
| 23 March 2020 | No change | 0.25 |
| 16 March 2020 | -0.75 | 0.25 |
| 12 February 2020 | No change | 1.00 |
| 13 November 2019 | No change | 1.00 |
| 25 September 2019 | No change | 1.00 |
| 7 August 2019 | -0.50 | 1.00 |
| 26 June 2019 | No change | 1.50 |
| 8 May 2019 | -0.25 | 1.50 |
| 27 March 2019 | No change | 1.75 |
| 13 February 2019 |
No change | 1.75 |
| 8 November 2018 |
No change | 1.75 |
| 27 September 2018 |
No change | 1.75 |
| No change | 1.75 | |
|
No change |
1.75 |
|
|
No change |
1.75 |
|
|
No change |
1.75 |
|
|
No change |
1.75 |
|
|
No change |
1.75 |
|
|
No change |
1.75 |
|
|
No change |
1.75 |
|
|
No change |
1.75 |
|
|
No change |
1.75 |
|
|
No change |
1.75 |
|
|
No change |
1.75 |
|
|
-0.25 |
1.75 |
|
|
No change |
2.00 |
|
|
-0.25 |
2.00 |
|
|
No change |
2.25 |
|
|
No change |
2.25 |
|
|
10 March 2016 |
-0.25 |
2.25 |
| 28 January 2016 |
No change |
2.50 |
|
-0.25 |
2.50 |
|
|
No change |
2.75 |
|
|
-0.25 |
2.75 |
|
|
-0.25 |
3.00 |
|
|
-0.25 |
3.25 |
|
|
No change |
3.50 |
|
|
No change |
3.50 |
|
|
No change |
3.50 |
|
|
No change |
3.50 |
|
|
No change |
3.50 |
|
|
No change |
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 |
|
|
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 |
