Reserve Bank of Australia Annual Report – 1963 Public Statements

During the period under review, the following public statements relating to policy matters were issued by the Bank:

10th September, 1962

Maximum term for trading bank fixed deposits increased from 12 months to 15 months.

24th October, 1962

Statutory Reserve Deposit ratio raised by 1% to 11.5%, effective 31st October.

29th March, 1963

Maximum trading bank overdraft rate and rates paid by trading banks on fixed deposits reduced by ½% p.a.

9th April, 1963

Rates paid on savings bank deposits to be reduced generally by ½% p.a. and rates of interest on savings bank lending to be reviewed.

10th July, 1963

Term Loan Funds of trading banks increased by £19 million to £76 million—two-thirds of the increase from Statutory Reserve Deposits and one-third from banks' L.G.S. assets.