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RBA Glossary definition for cash rate target

cash rate target – As in most developed countries, the stance of monetary policy in Australia is expressed in terms of a target for an overnight interest rate. The rate used by the Reserve Bank of Australia is the cash rate (also known as the interbank overnight rate). When the Reserve Bank Board decides that a change in monetary policy should occur, it specifies a new target for the cash rate. A decision to ease policy is reflected in a new lower target for the cash rate, while a decision to tighten policy is reflected in a higher target.

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.

Search Results

The Consequences of Low Interest Rates for the Australian Banking Sector

19 Dec 2022 RDP PDF 1588KB
3.1.2.1 Unconventional policies typically used at low interest rates. While the cash rate target has remained above zero in Australia, the RBA implemented several. ... Central bank deposits in Australia are remunerated at a rate that moves with the cash
https://www.rba.gov.au/publications/rdp/2022/pdf/rdp2022-08.pdf

The Yield and Market Function Effects of the Reserve Bank of Australia’s Bond Purchases

19 May 2022 RDP PDF 1938KB
AGS yields to term-matched overnight indexed swap (OIS) rates.10 The cash rate target was reduced. ... observed effect is confounded with the reduction in the cash rate target, announced at the same.
https://www.rba.gov.au/publications/rdp/2022/pdf/rdp2022-02.pdf

Overview

6 Dec 2023 SMP - August 2023 PDF 81KB
https://www.rba.gov.au/publications/smp/2023/aug/pdf/overview.pdf

Monetary Policy, Equity Markets and the Information Effect

24 Oct 2021 RDP PDF 1573KB
prescription. For example, if the conventional effects of cash rate changes (e.g. ... approximation of the 3 to 5-year growth rate. Cash rate change Monetary policy surprise-4.
https://www.rba.gov.au/publications/rdp/2021/pdf/rdp2021-04.pdf

Domestic Financial Conditions

6 May 2022 SMP – May 2022
program. In May, the Board increased the cash rate target by 25 basis points to 35 basis points, and the interest rate on Exchange Settlement balances from zero per cent to ... The cash rate increased slightly to 6 basis points in April, and to
https://www.rba.gov.au/publications/smp/2022/may/domestic-financial-conditions.html

Domestic Financial Conditions

5 Aug 2022 SMP – August 2022
The Board has increased the cash rate target and the interest rate on Exchange Settlement (ES) balances by 175 basis points since early May, to 1.85 per cent and ... The cash rate has increased in line with the cash rate target since May, remaining
https://www.rba.gov.au/publications/smp/2022/aug/domestic-financial-conditions.html

Domestic Financial Conditions

5 Nov 2020 SMP – November 2020
In September, the TFF was expanded and extended, and in early November, a further package of policy measures was announced comprising: a reduction in the cash rate target, the 3-year ... Following the reduction in the cash rate target and the
https://www.rba.gov.au/publications/smp/2020/nov/domestic-financial-conditions.html

Domestic Financial Conditions

8 Nov 2019 SMP – November 2019
Following the reductions at the June and July Board meetings, the cash rate target was lowered by a further 25 basis points in October, to 0.75 per cent. ... Meanwhile, the cash rate continued to trade at the Reserve Bank Board's target.
https://www.rba.gov.au/publications/smp/2019/nov/domestic-financial-conditions.html

The Evolution of Consumer Payments in Australia: Results from the 2022 Consumer Payments Survey

21 Nov 2023 RDP PDF 2354KB
emerging, often enabled by mobile technology, while transactional use of cash is declining. ... with cash declined more modestly from 11 per cent to 8 per cent.
https://www.rba.gov.au/publications/rdp/2023/pdf/rdp2023-08.pdf

Domestic Financial Conditions

9 Aug 2019 SMP – August 2019
The cash rate target stands at 1.0 per cent, following two 25 basis point reductions at the June and July Board meetings. ... The cash rate continued to trade at the Reserve Bank Board's target.
https://www.rba.gov.au/publications/smp/2019/aug/domestic-financial-conditions.html