When will interest rates go down in 2026?

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At its September 2026 board meeting, the Reserve Bank of Australia (RBA) board raised the cash rate by 25 basis points to 4.60%, and the question is now whether we’re in for even more hikes in months to come.

In a recent address to a parliamentary committee in Sydney, RBA chair Michele Bullock said that the bank’s board has abandoned the “narrow path” mentality about taming inflation in favour of a more direct approach.

We saw this play out in the form of a cash rate rise in September, and another rate rise is still possible, especially if inflation remains at its current level (or higher), and if the Middle East conflict continues to drive oil and fuel prices up.

In the meantime, here’s what economists at the nation’s big four banks have to say.

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When do the big four banks think rates will go down?

The RBA’s board will announce its next cash rate call for 2026 on Tuesday November 3, but in the meantime, here’s what the big four banks are forecasting.

ANZ: One further cash rate hike in 2026

Economists at ANZ currently predict that we’ll see the cash rate go up by 25 basis points in November 2026. This would bring it to a level of 4.85%, its highest since 2008.

Commonwealth Bank: No further cash rate hikes in 2026

Economists at CommBank currently predict that the cash rate hikes are behind us for the year.

NAB: No further cash rate hikes in 2026

Economists at NAB currently predict that the cash rate hikes are behind us for the year, but at this stage, have not ruled out the possibility of another hike in November.

Westpac: One further cash rate hike in 2026

Economists at Westpac currently predict that we’ll see the cash rate go up by 25 basis points in November 2026. This would bring it to a level of 4.85%.

When does the RBA board meet next?

The board of the RBA changed its meeting schedule in 2024. Where it used to meet on the first Tuesday of each month, excluding January, it now meets eight times a year, for two days at a time. The rationale behind this altered schedule is to give the board more time to consider its decisions. The meeting dates for the RBA board in 2026 are as follows:

2–3 February
16-17 March
4–5 May
15–16 June
10–11 August
28–29 September
2–3 November
7–8 December

The RBA’s next cash rate announcement is due on Tuesday November 3.

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This article was reviewed by our Editor-in-Chief Nina Rinella before it was updated, as part of our fact-checking process.

Alasdair Duncan

Deputy Finance Editor

Alasdair Duncan is Canstar's Deputy Finance Editor, specialising in home loans, property and lifestyle topics. He has written more than 500 articles for Canstar and his work is widely referenced by other publishers and media outlets, including Yahoo Finance, The New Daily, The Motley Fool and Sky News. He has featured as a guest author for property website homely.com.au.

In his more than 15 years working in the media, Alasdair has written for a broad range of publications. Before joining Canstar, he was a News Editor at Pedestrian.TV, part of Australia’s leading youth media group. His work has also appeared on ABC News, Junkee, Rolling Stone, Kotaku, the Sydney Star Observer and The Brag. He has a Bachelor of Laws (Honours) and a Bachelor of Arts with a major in Journalism from the University of Queensland.

When he is not writing about finance for Canstar, Alasdair can probably be found at the beach with his two dogs or listening to podcasts about pop music. You can follow Alasdair on LinkedIn.