Australia policy rate rises to 4.6% in September 2026

Australia's central bank policy rate stood at 4.6% in September 2026, according to the Reserve Bank of Australia. In August 2026 it had been 4.35%, so the latest reading is 0.25 percentage points higher than the month before, based on HMG calculations from the Reserve Bank of Australia figures.

The move ended a stretch of unchanged settings. According to the Reserve Bank of Australia, the rate was 4.35% in May 2026, and it stayed at 4.35% in June, July and August 2026. September 2026 is therefore the first month in this period in which the rate differed from that level.

Over a longer horizon, the rise is more pronounced. In September 2025 the Reserve Bank of Australia's policy rate was 3.6%. HMG calculations from the bank's figures show that the September 2026 rate is 1 percentage point higher than a year earlier.

Set against other countries, Australia's rate sits in the middle of the range. In September 2026, Brazil's policy rate was 13.75% according to the Bank for International Settlements, and Indonesia's was 5.75% according to Bank Indonesia, both above Australia's level. The United Kingdom's rate was 3.75% according to the Bank of England, while Germany and Spain each recorded 2.5%, according to the Deutsche Bundesbank and the Banco de España respectively. Canada's rate was lower still at 2.25%, according to the Bank of Canada.

The direction of travel over the year also sets Australia apart. HMG calculations show that between September 2025 and September 2026, Brazil's rate fell by 1.25 percentage points, while Canada's and the United Kingdom's each fell by 0.25 percentage points. Germany and Spain both saw increases of 0.5 percentage points over the same period. Australia's rise of 1 percentage point placed it 1 of 6 among the countries ranked by HMG on their change from a year earlier, meaning it recorded the largest increase in that group.

Taken together, the figures show an Australian policy rate that held steady from May to August 2026 before stepping up in September 2026, and that has risen more over the past year than the rates in the other countries HMG ranked, several of which moved lower over the same period.