Interest Rates 2024 Australian Government. The rba started rising interest rates from a historic low of 0.1 per cent in may 2022, to cool down the economy and try to bring down soaring inflation. 93 rows in everyday terms, the cash rate determines the interest rate that banks set for home mortgages and other loans.

What will it take for interest rates to go down? The rba has repeatedly said it wants to get the inflation rate down to 2 to 3 per cent.