Quick answer: the RBA announces its next decision at 2:30pm on Tuesday 3 November 2026. The cash rate is 4.60%. In mid-October, markets priced only around a 15% to 20% chance of another 0.25% rise, after underlying inflation held at 3.6% and unemployment rose to 4.7%. ANZ and Westpac still forecast a rise; CBA and NAB expect a hold. The September inflation figures on 28 October are the last big piece of data before the decision. A rise would add about $82 a month per $500,000 owed.
The RBA raised the cash rate to 4.60% on 29 September and said it would do what it considers necessary to bring inflation back to target, including raising rates further if needed. Since then, the data has been mixed. Here is what to watch, what a rise or a hold would mean for your repayments, and what to do in the meantime.
Where things stand
| Measure | Latest | Why it matters |
|---|---|---|
| Cash rate | 4.60% (raised 0.25% on 29 September) | The starting point for the decision |
| Headline inflation (12 months to August) | 4.0%, up from 3.5% in July | Pushed up by fuel and electricity |
| Underlying (trimmed mean) inflation | 3.6%, unchanged for three months | The RBA’s preferred measure; still above the 2–3% target |
| Unemployment, September | 4.7%, up from 4.6% | A softer jobs market reduces pressure for rises |
| Market odds of a November rise | Around 15% to 20% (mid-October) | Markets lean towards a hold |
| Big four bank forecasts | ANZ and Westpac: rise. CBA and NAB: hold | Economists are split |
Sources: RBA; ABS Consumer Price Index (August 2026) and Labour Force (September 2026); market pricing as reported by ABC News (LSEG data) and FXStreet; bank forecasts as reported in mid-October 2026.
What to watch before 3 November
- 28 October: September inflation. The ABS monthly CPI for September completes the September quarter. A jump in underlying inflation above 3.6% would raise the odds of a rise; a fall would support a hold.
- Energy prices. Fuel rose sharply in August as world oil prices climbed and fuel excise relief ended. The RBA has flagged energy as an upside risk to inflation.
- The RBA’s new forecasts. November is a forecast meeting, so the Statement on Monetary Policy on the day will show where the RBA thinks inflation and rates are heading.
What a rise would cost you
| Loan balance | Extra a month |
|---|---|
| $500,000 | about $82 |
| $750,000 | about $124 |
| $1,000,000 | about $165 |
| $1,250,000 | about $206 |
30-year principal-and-interest loan, rate rising from 6.45% to 6.70%. The extra amount barely changes with your starting rate.
A hold leaves variable repayments where they are now, which already include the September rise: CommBank, Westpac and ANZ passed it on from 9 October, and Macquarie from 15 October. Fixed rates don’t change until the fixed term ends.
What to do before the decision
- Check your rate. Your lender has likely passed on every rise this year, so compare what you pay with what lenders offer new customers. The gap is often bigger than one rate rise. Our refinance calculator shows the break-even.
- Put savings in your offset. Every dollar in an offset account saves interest at your home loan rate.
- Buying? Re-check your pre-approval. A rise would trim borrowing power again. See how much less you can borrow.
- Don’t panic-fix. Fixed rates already reflect the rises lenders expect. Fixing buys certainty, not a bargain. Fixed vs variable, explained.
- Struggling already? Talk to your lender early. Here are your options and your rights.
We’ll publish what the decision means for your repayments on the afternoon of 3 November. Every rate decision and rule change is also listed in our rule changes tracker.
RBA November 2026: common questions
When is the next RBA decision?
Tuesday 3 November 2026, announced at 2:30pm Sydney time. The meeting runs over 2 and 3 November and comes with the RBA’s updated forecasts. The decision after that is 8 December 2026.
Will the RBA raise rates in November 2026?
Opinions are split. In mid-October, financial markets priced only around a 15% to 20% chance of a rise after softer underlying inflation and a rise in unemployment. ANZ and Westpac still forecast a 0.25% rise, while CBA and NAB expect a hold. The September inflation figures on 28 October will be the key data before the decision.
How much would a November rate rise cost me?
About $82 a month for every $500,000 owed on a 30-year principal-and-interest loan, or about $165 a month on $1 million, if your lender passes on the full 0.25%.
Have the banks passed on the September rate rise?
Yes. Commonwealth Bank, Westpac and ANZ lifted variable home loan rates by 0.25% from 9 October 2026, and Macquarie from 15 October. Fixed rates don’t change until the fixed term ends.
What should I do before the RBA decision?
Check what rate you’re paying against what lenders offer new customers, move spare savings into an offset account, and if you’re buying, have your pre-approval re-checked. Don’t rush to fix: expected rises are usually already built into fixed rates.
Get ahead of the decision
Whatever the RBA does, the rate you pay matters more than the cash rate. We’ll compare your loan against today’s offers in a free 15-minute rate review. This is general information, not advice for your situation.