AUD/NZD Interest Rate Differential
The current policy-rate gap between Australian Dollar and New Zealand Dollar, and which side of AUD/NZD earns the carry. Updated daily · as of June 18, 2026.
Australian Dollar carries the higher policy rate, so going long AUD/NZD earns positive carry (swap); the opposite side pays it.
This is the current gap. The market trades the expected differential, which can move AUD/NZD before any rate change lands.
Go deeper
All interest rate differentials
The full matrix and carry calculator for every major.
The Carry Trade
How the differential becomes a daily swap, and why it crashes.
Australian Dollar rate decision
The schedule and results that move the AUD leg.
New Zealand Dollar rate decision
The schedule and results that move the NZD leg.
AUD/NZD carry — frequently asked
What is the AUD/NZD interest rate differential?
The AUD/NZD interest rate differential is currently +2.10 pp — the Australian Dollar policy rate (4.35%) minus the New Zealand Dollar policy rate (2.25%). Australian Dollar carries the higher rate, so it tends to attract demand.
Does long AUD/NZD earn or pay swap (carry)?
Going long AUD/NZD earns positive carry, paid as the daily swap (rollover), because that side holds the higher-yielding currency (Australian Dollar). The opposite side pays the swap. Carry is simply the interest-rate differential turned into a daily cash flow.
Why does the expected AUD/NZD differential matter more than today's?
Markets price the future, not the present. AUD/NZD can move on a widening or narrowing expected differential before any actual rate change, as new data and central-bank guidance shift the expected paths of the Australian Dollar and New Zealand Dollar central banks. Today's gap is largely already priced in.
Does the higher-yielding side of AUD/NZD always go up?
No. The rate differential is gravity, not a guarantee. It dominates in calm, risk-on conditions, but in a risk-off shock capital rushes to safe havens regardless of yield, and crowded carry positions can unwind violently.