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RBA Glossary definition for Cash Rate

Cash Rate – The interest rate which banks pay to borrow funds from other banks in the money market on an overnight basis. The cash rate is the Reserve Bank of Australia's operational target for the implementation of monetary policy. It is also an important financial benchmark in the Australian financial markets. It is used as the reference rate for Australian dollar Overnight Indexed Swaps (OIS) and the ASX 30 Day Interbank Cash Rate Futures. The Reserve Bank of Australia is the administrator of the cash rate. The cash rate is calculated as the weighted average interest rate on overnight unsecured loans between banks settled in the Reserve Bank Information and Transfer System (RITS). The Cash Rate is also known by the acronym AONIA in financial markets.

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The Transmission of Monetary Policy through Banks' Balance Sheets

10 Feb 2020 Conferences PDF 1946KB
RBA Conference Volume 2018
https://www.rba.gov.au/publications/confs/2018/pdf/rba-conference-volume-2018-brassil-cheshire-muscatello.pdf

The COVID-19 Pandemic: 2020 to 2021

16 Apr 2024 PDF 552KB
22 February: First COVID vaccine doses are administered. 3 March: Cash rate target lowered to 0.5%. ... 3 November: Cash rate target reduced to 0.1% and bond purchase program announced.
https://www.rba.gov.au/education/resources/explainers/pdf/the-covid-19-pandemic-2020-to-2021.pdf

How the Reserve Bank Implements Monetary Policy

2 Apr 2024 PDF 164KB
This Explainer describes how each tool is implemented. 1. Cash Rate Target How the cash rate target is implemented can be explained by stepping through five aspects of the cash market: ... The cash rate is maintained consistent with the target through
https://www.rba.gov.au/education/resources/explainers/pdf/how-the-reserve-bank-implements-monetary-policy.pdf

Credit Spreads, Monetary Policy and the Price Puzzle

23 Jan 2020 RDP PDF 1959KB
as indicated by low risk premia in lending and money market rates) by raising the cash rate over. ... premia in large business lending rates is met by an 8 basis point cut to the cash rate.
https://www.rba.gov.au/publications/rdp/2020/pdf/rdp2020-01.pdf

Statement on Monetary Policy - November 2006

10 Nov 2006 SMP PDF 549KB
Reserve Bank of Australia
https://www.rba.gov.au/publications/smp/2006/nov/pdf/1106.pdf

Reserve Bank of Australia Annual Report 2021

29 Sep 2022 RBA Annual Report 2021 PDF 6721KB
https://www.rba.gov.au/publications/annual-reports/rba/2021/pdf/2021-report.pdf

The Distributional Effects of Monetary Policy: Evidence from Local Housing Markets

14 Feb 2020 RDP PDF 1878KB
The. variation in price responses across regions also suggests that reductions in the cash rate increase. ...  tcr represents the quarterly percentage point change in the cash rate target.
https://www.rba.gov.au/publications/rdp/2020/pdf/rdp2020-02.pdf

A Model of the Consumption Response to Fiscal Stimulus Payments

12 Dec 2011 Research Workshop PDF 2654KB
Reserve Bank of Australia Workshop 2011
https://www.rba.gov.au/publications/workshops/research/2011/pdf/kaplan.pdf

An Estimated Small Open Economy Model with Labour Market Frictions

13 Dec 2012 Research Workshop PDF 787KB
Reserve Bank of Australia Workshop 2012
https://www.rba.gov.au/publications/workshops/research/2012/pdf/jeff-sheen.pdf

Are Inflationary Shocks Regressive? A Feasible Set Approach

19 Dec 2023 Research Workshop PDF 842KB
RBA Workshop 2023
https://www.rba.gov.au/publications/workshops/research/2023/pdf/rba-workshop-2023-del-canto-grigsby-qian-walsh.pdf