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RBA Glossary definition for Clearing

Clearing – The process of transmitting, reconciling and in some cases confirming payment instructions prior to settlement; it may include netting of instructions and the calculation of final positions for settlement.

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Transmission of External Shocks in the RBII Model

1 Nov 1987 RDP 8710
Malcolm L. Edey, Elaine J. Kerrison and Gordon D. Menzies
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1987/8710.html

Structural Adjustments

1 Nov 1987 RDP 8710
Malcolm L. Edey, Elaine J. Kerrison and Gordon D. Menzies
Consequently, interest rates in RBII were not regarded as market clearing prices in the short run. ... In recognition of this, short-term interest rates are now determined in a clearing cash market.
https://www.rba.gov.au/publications/rdp/1987/8710/structural-adjustments.html

Conclusions

1 Nov 1987 RDP 8710
Malcolm L. Edey, Elaine J. Kerrison and Gordon D. Menzies
These changes represent a continuation of earlier model development work by Fahrer and Rankin (1984), by introducing continuous clearing into a second market (the cash market) in addition to the foreign ... In keeping with the spirit of earlier versions
https://www.rba.gov.au/publications/rdp/1987/8710/conclusions.html

Introduction

1 Nov 1987 RDP 8710
Malcolm L. Edey, Elaine J. Kerrison and Gordon D. Menzies
Their adjustments included a market clearing mechanism for the exchange rate, a respecification of the bond rate equation, and a small number of parameter adjustments in the monetary sector. ... First, a much greater degree of interest rate flexibility
https://www.rba.gov.au/publications/rdp/1987/8710/introduction.html