Reserve Bank vs Reserve Bank on interest rates

Friday 31 October 2025

Justin Fabo from Antipodean Macro published the following chart comparing the official cash rates of the Reserve Bank of Australia (RBA) against the Reserve Bank of New Zealand (RBNZ).

Fabo stated on Twitter (X) that “the RBNZ often goes harder in both directions on rates”, in reference to its recent higher peak and lower trough in the cash rate.

New Zealand’s official cash rate peaked at 5.50%, whereas Australia’s peaked at 4.35%.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.