RBA lifts cash rate to 4.85%; reporting says board split was 6-3
Published · Updated
What happened
The Reserve Bank of Australia increased the cash rate to 4.85% at its 2026-11-03 meeting. Same-day reporting said the board voted 6-3, showing that three members did not support the final decision.
Why it matters
A rate increase changes borrowing costs immediately and the reported 6-3 split adds information about the balance of views inside the central bank. That can alter market pricing for the next meeting, bank mortgage decisions, and public expectations about how long policy will stay restrictive.
The Reserve Bank of Australia raised the cash rate to 4.85% on 2026-11-03, and reporting from the day said the board vote was split 6-3. The split matters because it indicates a live internal divide between members who wanted tighter policy and those who judged existing restraint sufficient. For government, lenders and households, the immediate issue is how markets and bank pricing interpret a higher peak-rate risk versus a bank that may be nearing a more contested phase of decision-making.
Watch for
ASX 30 Day Interbank Cash Rate Futures repricing for the next RBA meeting by 2026-11-04 close Major banks including CBA, Westpac, NAB or ANZ announcing variable mortgage-rate passthroughs by 2026-11-05 Reserve Bank of Australia publication or confirmation of board voting detail and policy rationale by 2026-11-06 Australian Treasury or Treasurer Jim Chalmers public statement on inflation persistence and household cost pressures by 2026-11-05
Sources
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