In 2025, the Board of the Reserve Bank of Australia (RBA) meets to decide on a target for the cash rate on the following dates:

• 18 February 2025
• 1 April 2025
• 20 May 2025
• 8 July 2025
• 12 August 2025
• 30 September 2025
• 4 November 2025
• 9 December 2025

This decision is highly significant for the wider economy and is therefore closely monitored by the financial markets. The CAMA RBA Shadow Board, consisting of nine voting members and one non-voting chair, all distinguished macroeconomists, offers its own policy recommendation on the Monday before the official RBA decision. Members give probabilistic assessments of the appropriate target rate for each round, which are then aggregated. The higher the percentage attached to a given cash rate, the greater the confidence that this rate is the appropriate target.

For questions regarding the CAMA RBA Shadow Board, please contact Dr Timo Henckel. If you wish to access the database of past voting records for research purposes, please contact cama.admin@anu.edu.au.