Interest Rate Decisions – 2002

The Reserve Bank Board is responsible for formulating monetary policy. The Reserve Bank sets the target ‘cash rate’, which is the market interest rate on overnight funds. Since March 2020, the Reserve Bank has also set a target for the yield on 3-year Australian Government bonds. Decisions regarding monetary policy are made by the Reserve Bank Board and explained in a media release announcing the decision at 2.30 pm after each Board meeting. (Prior to December 2007, media releases were issued only when the cash rate target was changed.)