What will it take for interest rates to go down?

A lower inflation rate.

"The Board needs to be confident that inflation is moving sustainably towards the target range," the RBA said in a statement after its last meeting.

That range the RBA wants to get to is 2-3 per cent, but it's currently at 3.8 per cent.

When you hear the RBA or economists talk about "inflation", they're usually talking about the Consumer Price Index (CPI). $AUD.AU$ $OXJO.AU$