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Interest Rates · 28 July 2026

RBA governor warns rates may rise again at August 10–11 meeting

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Probably worth doing something about

With the cash rate already at 4.35% after three hikes, another increase would directly lift repayments for every variable-rate mortgage holder in Australia.

In a nutshell: In a 28 July speech RBA Governor Michele Bullock said the world had become more shock-prone and that Australia’s productivity slowdown made the economy more vulnerable. She warned that delaying tight monetary policy could mean higher rates and higher unemployment later. The Board meets 10–11 August. The cash rate currently sits at 4.35% after being raised three times since early 2026, partly driven by Middle East energy price shocks.

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What they’re saying

RBA frames ongoing tightening as prudent insurance; omits that three hikes have already squeezed household budgets significantly.
The timeline for relief is being pushed out; mortgage holders had expected cuts by now under earlier guidance.

Speech is on the RBA’s own website; rate history from official Board media releases. No ambiguity on the facts.

Monetary Policy in an Era of Shocks | Speeches | RBA Statement by the Monetary Policy Board: Monetary Policy Decision | Media Releases | RBA ‘Difficult decisions’: Bullock issues stark cash rate warning - The Adviser
Do I care?
Use your lender’s repayment calculator to check the cost of a further 25bp rise. Consider whether fixing part of your loan makes sense before 11 August.
Watch the 11 August announcement; no action required before then.

The decision lands 11 August — worth knowing your current repayment and what a 0.25% rise adds before then.

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