Other G10 Central Banks: RBA, BoC, SNB, Nordics, RBNZ — 2026-10-02
The Reserve Bank of Australia delivered its fourth rate hike of 2026 on September 29, pushing the cash rate to 4.60%—its highest level in 15 years—as inflation pressures persist globally. Meanwhile, the SNB held rates at 0%, the Riksbank kept its rate at 1.75% but signaled a likely Q4 hike, and Norges Bank raised to 4.50%, with most Nordic and Antipodean central banks now in tightening mode.
Other G10 Central Banks: RBA, BoC, SNB, Nordics, RBNZ — 2026-10-02
Top developments
RBA Hikes to 4.60%, Highest Since 2011
The Reserve Bank of Australia increased the cash rate by 25 basis points to 4.60% on September 29, marking its fourth rate rise in 2026 and the highest level since November 2011. RBA Governor Michele Bullock acknowledged the decision will "hit some people hard" but expressed confidence that "in the next few years, this will all have been worth it" as the bank continues to combat elevated inflation. The Australian dollar rallied versus the New Zealand dollar following the announcement.
Norges Bank Raises Rate to 4.50%, Upgrades Rate Path
Norway's central bank lifted its policy rate by 25 basis points to 4.50% on September 24, citing the need for "somewhat tighter monetary policy to get inflation under control," according to Governor Ida Wolden Bache. Norges Bank simultaneously upgraded its forward rate guidance, signaling elevated rates for an extended period and preparing markets for the possibility of additional hikes if inflation pressures persist. The krone strengthened after the decision.
Riksbank Holds at 1.75%, Signals Q4 Hike Risk
Sweden's Riksbank kept its policy rate unchanged at 1.75% on September 28 but significantly increased the probability of a rate hike before year-end. The central bank's monetary policy board is unified in the view that inflation risks warrant tighter policy soon. Sweden's state forecasting institute, Konjunkturinstitutet, projects the Riksbank will raise rates to 2.0% by end-2026, with further increases to 2.50% in 2027 and 2.75% by end-2028.
SNB Maintains Zero Rate, Eyes Franc Weakness
The Swiss National Bank held its policy rate at 0% on September 24, remaining the only major G10 central bank with a zero rate. However, SNB President Martin Schlegel stated the bank is now in a "comfortable position" on inflation while simultaneously easing its rhetoric around franc intervention as the currency has weakened. The SNB's focus has shifted from franc strength concerns to increased vigilance on inflation transmission risks via a weaker exchange rate.
Local view
Australia: ABC News reported that the RBA's decision to lift rates to 4.6% represents the highest level in 15 years, with coverage emphasizing the impact on millions of Australian households. Commentary highlighted the board's resolve to push through despite acknowledged hardship.
Sweden: Swedish financial media flagged the Riksbank's unified hawkish stance. Expressen reported that the board signaled it is "time to prepare the economy for higher interest costs," with analyst Felicia Schön at Avanza noting the shift toward tightening. Nyheter24 highlighted protocol details showing board unanimity on inflation risks.
Norway: E24 covered the krone strength and rate hike expectations, while Dagbladet emphasized the "brutal rate decision" and rising mortgage servicing costs for Norwegian borrowers. The upgraded forward rate guidance dominated local coverage.
Switzerland: Swiss media (20 Minuten, SRF) emphasized Switzerland's unique position as the only major economy still holding rates at zero, contrasting the SNB's stability with aggressive moves elsewhere. Börsen-Zeitung noted the SNB is coming "under pressure" to justify its zero-rate stance as inflation and negative money market rates build a case for December action.
Context & numbers
- RBA cash rate: 4.60% (up 100 bps YTD, four hikes in 2026)
- Norges Bank policy rate: 4.50% (up 25 bps Sept 24)
- Riksbank rate: 1.75% (unchanged; market-implied probability of Q4 hike rising sharply)
- SNB rate: 0.0% (unchanged; most dovish G10 peer)
- Global backdrop: RBA and Norges Bank joins US, Europe, Japan, and New Zealand in recent rate hikes as central banks race to control inflation.
On the radar
- RBNZ next decision: Reserve Bank of New Zealand raised its Official Cash Rate to 2.75% on September 2, citing inflation as the primary concern, with markets pricing further hikes ahead.
- Riksbank December meeting: Q4 2026 rate hike widely expected based on board signals; Konjunkturinstitutet forecasts 2.0% by year-end.
- SNB December pivot risk: Börsen-Zeitung reports growing expectations for a rate move in December if franc weakness and inflation concerns mount; negative money market rates suggest market consensus for eventual tightening.
- Norges Bank path: Bank signaled potential for additional hikes; next policy meeting (likely November/December) will reveal whether inflation persistence pushes for further action beyond the September move.
Data sources verified for freshness (published after 2026-09-25): RBA (Sep 29), Norges Bank (Sep 24), Riksbank (Sep 28), SNB (Sep 24), local media (Sep 26–Oct 2).
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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