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RBA Glossary definition for bill rate
bill rate – The bill rate is the effective yield to maturity earned by the holder of a bill. The yield is usually expressed as a per annum rate.
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Interest Rate Swaps
1 Dec 1994
RDP
9409
Under the swap agreement the company will pay a fixed 12 per cent and receive the bank bill rate each calculated on a nominal principal of $10 million. ... the swap, and paying the bank bill rate on the loan, thereby giving a 12 per cent fixed rate.
https://www.rba.gov.au/publications/rdp/1994/9409/int-rat-swa.html
Appendix 1
1 Dec 1994
RDP
9409
Parameters for this model were obtained using weekly observations of the 90-day bank bill rate and the ten-year government bond rate over the period January 1984 to August 1993. ... The interest rate model above determines the yield curve for zero coupon
https://www.rba.gov.au/publications/rdp/1994/9409/appendix-1.html