Current Interest Rates 2024 Australia. The cash rate is australia's official interest rate which is currently held at a target of 4.35% by the reserve bank of australia (rba). The reserve bank sets the target ‘cash rate’, which is the market interest rate on overnight funds.

Among australia’s big four banks, which dominate the home loans market, economists at both commonwealth bank and westpac currently expect the rba to start. The reserve bank sets the target ‘cash rate’, which is the market interest rate on overnight funds.