As of September 19, 2023, the official interest rate in Australia is 4.10% . This rate is set by the Reserve Bank of Australia (RBA), which controls the cash rate, or the rate charged on overnight loans between financial intermediaries. Financial institutions are free to set their own interest rates, but they generally follow the cash rate’s movements. Lenders interest rates are published 25 business days after the end of each month, and as of August 2023, the owner-occupier interest rate was 5.41% for principal-and-interest loans and 6.80% for interest-only loans. The RBA has recently decided to hold Australias cash rate steady at 3.6% .