RBA · Signed Brief

RBA raises cash rate target by 25 basis points to 4.85 per cent in a 6–3 vote

Six Board members voted to lift the cash rate target by 25 basis points to 4.85 per cent on 3 November 2026; three voted to leave it at 4.60 per cent.

By — reviewed and published by a named editor, recorded below
Published 4 November 2026

At its meeting dated 3 November 2026, the Monetary Policy Board increased the cash rate target by 25 basis points to 4.85 per cent [E0]“3 November 2026” — RBA Monetary Policy Board statement. rba.gov.au ↗[E1]“At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 4.85 per cent.” — RBA Monetary Policy Board statement. rba.gov.au ↗.

The decision was by majority, with six members voting to increase the cash rate target by 25 basis points to 4.85 per cent and three members voting to leave it unchanged at 4.60 per cent [E30]“Today’s policy decision was by majority: six members voted to increase the cash rate target by 25 basis points to 4.85 per cent; three members voted to leave the cash rate target unchanged at 4.60 per cent.” — RBA Monetary Policy Board statement. rba.gov.au ↗.

The Board said: "Inflation remains elevated and recent data indicate that it is broadly based" [E2]“Inflation remains elevated and recent data indicate that it is broadly based.” — RBA Monetary Policy Board statement. rba.gov.au ↗.

It said: "The inflation outlook has also been revised materially higher in the updated staff forecasts" [E3]“The inflation outlook has also been revised materially higher in the updated staff forecasts.” — RBA Monetary Policy Board statement. rba.gov.au ↗.

The Board said: "Inflation is now forecast to remain elevated through much of 2027 and is not expected to reach the top of the 2–3 per cent target range until late 2027, around three quarters later than previously forecast" [E8]“Inflation is now forecast to remain elevated through much of 2027 and is not expected to reach the top of the 2–3 per cent target range until late 2027, around three quarters later than previously forecast.” — RBA Monetary Policy Board statement. rba.gov.au ↗.

The Board also said: "The economy is slowing, housing prices have fallen significantly and the unemployment rate has risen" [E11]“The economy is slowing, housing prices have fallen significantly and the unemployment rate has risen.” — RBA Monetary Policy Board statement. rba.gov.au ↗.

The Board said: "Given the revised inflation outlook and the continuing upside risks, the Board judged that a further tightening in financial conditions is warranted to support the return of inflation to target" [E26]“Given the revised inflation outlook and the continuing upside risks, the Board judged that a further tightening in financial conditions is warranted to support the return of inflation to target.” — RBA Monetary Policy Board statement. rba.gov.au ↗.

At the previous meeting the Board increased the cash rate target by 25 basis points to 4.60 per cent, and at this meeting it increased the target by 25 basis points to 4.85 per cent [Ep1]“At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 4.60 per cent.” — RBA Monetary Policy Board statement. rba.gov.au ↗[E1]“At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 4.85 per cent.” — RBA Monetary Policy Board statement. rba.gov.au ↗.

The previous statement said "Today’s policy decision was unanimous", whereas the current statement said "Today’s policy decision was by majority" [Ep30]“Today’s policy decision was unanimous.” — RBA Monetary Policy Board statement. rba.gov.au ↗[E30]“Today’s policy decision was by majority: six members voted to increase the cash rate target by 25 basis points to 4.85 per cent; three members voted to leave the cash rate target unchanged at 4.60 per cent.” — RBA Monetary Policy Board statement. rba.gov.au ↗.

The previous statement said the Board "will continue to do what it considers necessary to bring inflation sustainably back to target, including increasing the cash rate target further if needed", while the current statement said the Board "will continue to do what it considers necessary to bring inflation sustainably back to target" [Ep27]“The Board will continue to do what it considers necessary to bring inflation sustainably back to target, including increasing the cash rate target further if needed.” — RBA Monetary Policy Board statement. rba.gov.au ↗[E27]“The Board will continue to do what it considers necessary to bring inflation sustainably back to target.” — RBA Monetary Policy Board statement. rba.gov.au ↗.

The Board's next scheduled decision is December 8, 2026 [C1]The Board's next scheduled monetary policy decision is December 8, 2026. — Reserve Bank of Australia — Monetary Policy Board meeting schedule. rba.gov.au ↗.

Sources

  1. [E0]“3 November 2026” — RBA Monetary Policy Board statement. rba.gov.au ↗
  2. [E1]“At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 4.85 per cent.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  3. [E30]“Today’s policy decision was by majority: six members voted to increase the cash rate target by 25 basis points to 4.85 per cent; three members voted to leave the cash rate target unchanged at 4.60 per cent.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  4. [E2]“Inflation remains elevated and recent data indicate that it is broadly based.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  5. [E3]“The inflation outlook has also been revised materially higher in the updated staff forecasts.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  6. [E8]“Inflation is now forecast to remain elevated through much of 2027 and is not expected to reach the top of the 2–3 per cent target range until late 2027, around three quarters later than previously forecast.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  7. [E11]“The economy is slowing, housing prices have fallen significantly and the unemployment rate has risen.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  8. [E26]“Given the revised inflation outlook and the continuing upside risks, the Board judged that a further tightening in financial conditions is warranted to support the return of inflation to target.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  9. [Ep1]“At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 4.60 per cent.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  10. [Ep30]“Today’s policy decision was unanimous.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  11. [Ep27]“The Board will continue to do what it considers necessary to bring inflation sustainably back to target, including increasing the cash rate target further if needed.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  12. [E27]“The Board will continue to do what it considers necessary to bring inflation sustainably back to target.” — RBA Monetary Policy Board statement. rba.gov.au ↗
  13. [C1]The Board's next scheduled monetary policy decision is December 8, 2026. — Reserve Bank of Australia — Monetary Policy Board meeting schedule. rba.gov.au ↗

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Source: Reserve Bank of Australia 2026 — CC BY 4.0 (CC BY 4.0 licence). Modified: this edition is Kitalpha’s own work drawn from the Reserve Bank of Australia’s statement; passages inside quotation marks are the Board’s words verbatim. The Reserve Bank of Australia does not endorse Kitalpha or this edition.

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  1. DraftedAutomated (claude-opus-5-5)4 November 2026 at 09:55 UTC
  2. Passed the automated gateAutomated (claude-opus-5-5)4 November 2026 at 09:55 UTC
  3. PublishedEditor daniel-zhang4 November 2026 at 11:16 UTCSigned Brief receipt ↗

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