Michele Bullock RBA November 2026 Rate Decision

Michele Bullock RBA November 2026 Rate Decision: Will Interest Rates Rise?

Updated: 28 October 2026 | Country: Australia | Status: Awaiting November decision

When Is the RBA November 2026 Interest Rate Decision?

The Reserve Bank of Australia has scheduled its Monetary Policy Board meeting for 2–3 November 2026. Its official decision statement will be published at 2:30 PM Australian Eastern Daylight Time on Tuesday, 3 November.

Governor Michele Bullock’s media conference is scheduled for 3:30 PM AEDT, when she is expected to explain the Board’s assessment of inflation, employment and economic activity.

The meeting falls on Melbourne Cup Day, a date closely associated with the RBA’s November interest-rate announcements.

All times are Australian Eastern Daylight Time. The RBA publishes the official schedule on its website.

What Is Australia’s Current Cash Rate?

As of 28 October 2026, the RBA’s official cash rate target is 4.60%, effective from 30 September 2026.

The cash rate is the interest-rate target used by the central bank to influence borrowing costs, spending, saving and inflation throughout the Australian economy.

It is not the same as the interest rate charged on a particular home loan. Banks set their own lending rates, although changes in the official cash rate can influence variable mortgage rates and other borrowing products.

The November meeting will determine whether the Board believes its existing policy settings are sufficient to bring inflation back towards the 2–3% target range.

Will the RBA Raise Interest Rates in November 2026?

Several major Australian bank economists now expect the RBA to increase interest rates at the November meeting.

On 28 October, NAB changed its forecast to a 25-basis-point increase, which would lift the cash rate from 4.60% to 4.85%.

Commonwealth Bank economists have also forecast a 25-basis-point rise, pointing to persistent inflation and comments from RBA officials about stronger-than-expected price pressures.

These forecasts are not an official decision. The Monetary Policy Board will assess the available evidence before announcing its outcome.

What Did Michele Bullock Say on 28 October?

In an opening statement to the Senate Economics Legislation Committee on 28 October, Governor Michele Bullock warned that some inflation risks identified in the RBA’s earlier forecasts had begun to materialise.

She explained that inflation had remained above the central bank’s target and that the economy continued to face both domestic capacity pressures and international cost increases.

Bullock highlighted higher global energy prices, persistent underlying inflation, relatively tight labour-market conditions and weak productivity growth.

She also acknowledged that previous interest-rate increases were still affecting households and businesses, because monetary policy operates with a delay.

The Governor did not announce a November interest-rate decision during the hearing. She indicated that the Board would examine whether the tightening already delivered was sufficient to return inflation to target within a reasonable timeframe.

Why Is Inflation Increasing Again in Australia?

Australia’s September 2026 annual headline inflation rate reached 4.3%, while the September monthly trimmed-mean measure was reported at 3.6%.

The quarterly trimmed-mean measure rose 1.0% over the September quarter and 3.7% over the year, according to NAB’s analysis of the latest inflation release.

These figures indicate that price pressures remain above the RBA’s preferred inflation range of 2–3%.

Several factors are contributing to the problem:

• Energy prices: Higher global oil and fuel costs are increasing transport and production expenses.
• Housing costs: Rent, electricity and other housing-related expenses remain significant components of household budgets.
• Domestic demand: Some parts of the economy continue to experience pressure on available labour and production capacity.
• Productivity: Weak productivity growth makes it harder for the economy to expand without adding inflation.
• International pressures: Geopolitical events and supply constraints have increased costs for some imported goods.

These developments explain why economists have reconsidered their expectations for the November meeting.

How Would a November Rate Increase Affect Mortgage Repayments?

If the RBA raises the cash rate by 0.25 percentage points and a lender passes that increase through in full to a variable-rate mortgage, borrowers could face higher monthly repayments.

The actual increase depends on the remaining loan balance, interest rate, remaining loan term and the lender’s decision.

The following estimates assume a principal-and-interest loan with 25 years remaining, a current interest rate of 6.00%, and an increase to 6.25%.

Illustrative calculations only, rounded to the nearest dollar. They are not bank quotes or confirmed changes to any lender’s mortgage rates.

What Would Happen If the RBA Holds Rates Steady?

The Board could decide to leave the cash rate at 4.60% if it judges that previous increases are still working through the economy and that additional tightening is not immediately necessary.

A hold would not automatically mean that inflation had returned to target or that future rate increases were ruled out.

Borrowers would still need to monitor their lenders’ individual interest-rate announcements, while households would continue to face the effects of earlier changes in monetary policy.

Why Does the November Decision Matter for Australian Households?

The November decision has implications beyond home loans.

Higher interest rates can increase borrowing costs for households and businesses. They may also affect savings returns, consumer spending, business investment and demand for housing.

For mortgage holders, the immediate concern is whether lenders pass on a cash-rate increase. For savers, deposit rates may change, although banks are not required to match the RBA’s adjustment.

For businesses, higher financing costs may influence decisions about hiring, expansion and investment.

The RBA must weigh these effects against the risk of allowing inflation to remain elevated for too long.

Where Can You Watch Michele Bullock’s November Announcement?

The RBA publishes its monetary policy decision statement on its official website and schedules a media conference with the Governor after the announcement.

Readers can follow the latest updates through:

• Reserve Bank of Australia — Official Website
• RBA — Upcoming Announcements and Meetings
• Michele Bullock — 28 October Senate Statement
• NAB — November Rate Forecast

What Happens After the November Decision?

The RBA will release its updated Statement on Monetary Policy alongside the decision on 3 November.

The document will provide the central bank’s updated assessment of inflation, economic growth, employment and other factors influencing monetary policy.

The minutes of the November Monetary Policy Board meeting are scheduled for 17 November 2026. These will provide further detail about the Board’s deliberations.

The next scheduled monetary policy decision after November is 8 December 2026.

Related Finance and Economic News

For further updates on interest rates, household finances and economic announcements, visit Seminarsonly News.

Additional educational and financial-information resources are available through Seminarsonly.com.

Editorial note: Information is current as of 28 October 2026. Economic forecasts are not guaranteed outcomes. This article is general information and does not constitute personal financial advice. Update the article after the official RBA announcement on 3 November.