What is the cash rate target?

Currently, the cash rate target is 4.35 per cent.

The cash rate target is a figure set by the Reserve Bank of Australia (RBA).

The figure influences how much commercial banks charge customers for borrowing money.

But when the RBA changes the cash rate target, interest rates for mortgages don't automatically change. That's something the individual banks decide.

Banks usually put out a statement saying whether they'll change their rates after an RBA meeting.

If the RBA decides to change the cash rate, ABC News will publish a basic round-up of which major banks are changing their rates.

We'll also have a calculator that will give mortgage holders an idea of how much more (or less) they'll pay on their home loans. $AUD (LIST20039.AU)$ $S&P/ASX 200 OPIC (OXJO.AU)$