Other G10 Central Banks: RBA, BoC, SNB, Nordics, RBNZ — 2026-10-09
The Reserve Bank of Australia (RBA) raised its cash rate to a 15-year high of 4.60% in late September, signaling further tightening as inflation remains sticky. Meanwhile, the Swiss National Bank (SNB) held rates at 0%, leveraging a weaker franc to manage inflation risks without hiking. The Riksbank maintained its rate at 1.75% but signaled potential hikes later in the year, while Norges Bank increased its policy rate to 4.50%. <!-- /headline --> **RBA Hits 15-Year High as SNB Stays at Zero** <!-- /headline -->
Other G10 Central Banks: RBA, BoC, SNB, Nordics, RBNZ — 2026-10-09
The Reserve Bank of Australia (RBA) raised its cash rate to a 15-year high of 4.60% in late September, signaling further tightening as inflation remains sticky. Meanwhile, the Swiss National Bank (SNB) held rates at 0%, leveraging a weaker franc to manage inflation risks without hiking. The Riksbank maintained its rate at 1.75% but signaled potential hikes later in the year, while Norges Bank increased its policy rate to 4.50%.
<!-- /headline -->RBA Hits 15-Year High as SNB Stays at Zero
<!-- /headline -->Top developments
RBA raises cash rate to 4.60%
On September 29, 2026, the RBA Monetary Policy Board decided to increase the cash rate target by 25 basis points to 4.60 per cent. This marks the fourth rate rise this year and brings interest rates to their highest level in 15 years. The decision reflects eroding patience on prices, with the Board emphasizing that further tightening may be necessary if inflation does not return to target sustainably.
SNB holds at 0% as franc weakens
The Swiss National Bank kept its policy rate at 0.0% on September 24, 2026, citing low inflation and a strong economic outlook. However, the SNB dialed down its threat of currency intervention, pivoting toward vigilance on inflation as the franc weakened against major currencies. This divergence allows Switzerland to maintain ultra-loose policy while other G10 banks tighten.
Norges Bank hikes to 4.50%
Norges Bank increased its policy rate by 25 basis points to 4.50% on September 24, 2026, to dampen price growth. The central bank’s committee indicated that a slightly tighter monetary policy is needed to bring inflation down to target. Governor Ida Wolden Bache warned that further increases could follow, particularly if inflation expectations remain elevated.
Riksbank holds at 1.75% but flags hikes
The Sveriges Riksbank left its policy rate unchanged at 1.75% in its most recent decision, noting that while inflation is close to target, supply disturbances and strong economic activity persist. The central bank raised the probability of a rate hike later in 2026 or early 2027, advising households and businesses to prepare for higher borrowing costs.
Local view
In Sweden, Expressen reported that the Riksbank’s decision to hold rates has increased the likelihood of a future hike, with analysts from Avanza stating it is "dags att förbereda ekonomin för högre räntekostnader" (time to prepare the economy for higher interest costs). In Norway, E24 highlighted that Norges Bank’s move to 4.50% was part of a "rentethrilleren" (interest rate thriller) that ended with an increase, with more hikes potentially on the table. Swiss media outlet 20 Minuten noted that while other major central banks are raising rates, the SNB is holding firm at 0%, creating a unique divergence in the Swiss market.
Context & numbers
As of October 2026, government bond yields show significant divergence among G10 nations. The UK 30-year gilt yields 6.04%, the US 5.63%, the Euro Area 4.53%, Canada 4.28%, and Japan 4.15%. This yield spread influences currency flows, with the AUD facing pressure after the RBA hike despite the higher yields, while the CHF remains resilient due to the SNB’s unique stance. The RBA’s cash rate is now 4.60%, Norges Bank’s policy rate is 4.50%, the Riksbank’s is 1.75%, and the SNB’s remains at 0.0%.
On the radar
- RBA Next Meeting: Investors are watching for the next RBA board meeting to see if the 4.60% rate is a peak or if further hikes are imminent.
- SNB Intervention: Market participants are monitoring USD/CHF levels closely; if the franc weakens further, the SNB may shift from "vigilance" back to active intervention or rate adjustments.
- Riksbank Guidance: Keep an eye on Swedish inflation data and Riksbank speeches for clearer signals on whether the flagged rate hike will materialize before year-end.
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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