Reserve Bank of Australia
Australia's central bank, which sets the cash rate.
The Reserve Bank of Australia raised its cash rate to 4.85% on 3 November 2026 and, in the same Statement on Monetary Policy, credited rapid data-centre investment for stronger growth and a higher forecast.
Last refreshed: 6 November 2026 · Appears in 1 active topic
Are data centres now driving Australia's growth forecast?
Timeline for Reserve Bank of Australia
Raised the cash rate to 4.85% and credited data-centre investment for growth
AI: Jobs, Power & Money: RBA credits data centres for growthBackground
The Reserve Bank of Australia, which began operating in 1960 under the Reserve Bank Act 1959, sets Australia's cash rate, the overnight rate that anchors borrowing costs, and issues the country's banknotes. Since 2025 a dedicated Monetary Policy Board has set the cash rate, a task the Reserve Bank Board held before. Michele Bullock has been governor since September 2023, succeeding Philip Lowe.
Its November 2026 statement wrote data-centre investment into the bank's own growth forecast, a step beyond the Labour-market studies through which central banks had mostly approached AI. The RBA credited that investment for activity but not for the rate rise, which domestic inflation drove.
The statement also named fast-rising AI-related prices abroad as one reason global inflation stays above target. The 4.85% cash rate is Australia's highest in 18 years, Savings.com.au reported.
What is the RBA cash rate now?
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Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 6 November 2026. Editorial standards.