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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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Demand in the Repo Market: Indirect Perspectives from Open Market Operations from 2006 to 2020

15 May 2024 RDP 2024-03
Chris Becker, Anny Francis, Calebe de Roure and Brendan Wilson
However, demand becomes more elastic and flatter as the repo rate falls, indicating that when the repo rate is below other market rates, participants are increasingly willing to accept more cash. ... This measure of the cash rate has been published by
https://www.rba.gov.au/publications/rdp/2024/2024-03/full.html
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The GFC Investment Tax Break

25 Jun 2018 RDP 2018-07
David Rodgers and Jonathan Hambur
General equilibrium estimates suggest that both GDP growth and the cash rate would have been significantly lower in 2009 without the tax break. ... While our work suggests that tax rates and breaks can affect real decisions for Australian corporates,
https://www.rba.gov.au/publications/rdp/2018/2018-07.html
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The Interbank Overnight Cash Market

14 Feb 2018 RDP 2018-01
Anthony Brassil and Gabriela Nodari
Banks borrow in the IBOC market to ensure they satisfy this requirement (as the cost of overnight borrowing from the RBA is higher than the typical IBOC market rate). ... and borrowing during each trading session of the day, and the average interest rate
https://www.rba.gov.au/publications/rdp/2018/2018-01/the-interbank-overnight-cash-market.html
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Appendix C: Additional Microdata Results

19 Dec 2023 RDP 2023-09
IV approach, full sample. Notes: Monetary policy shock is instrumented via cash rate.
https://www.rba.gov.au/publications/rdp/2023/2023-09/appendix-c.html

The Evolving Structure of the Australian Financial System | Conference – 1996

9 Jul 1996 Conferences
Malcolm Edey and Brian Gray
These concerns partly reflected the fact that key lending rates fell less than one-for-one with cash rates during the extended period of cash-rate reductions in the early 1990s, ... Secondly, abstracting from cyclical movements, both deposit and lending
https://www.rba.gov.au/publications/confs/1996/edey-gray.html

Appendix A: Variables Considered in Section 3

31 Dec 2001 RDP 2001-09
Ivan Roberts and John Simon
Variables: Total employed persons and the unemployment rate. Units: '000 (sa), and percentage (sa), respectively. ... Variables: Nominal cash rate, 90-day bank bill rate, housing loan rates, and 10-year bond rate.
https://www.rba.gov.au/publications/rdp/2001/2001-09/appendix-a.html
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Appendix B: Aggregate Data Results

19 Dec 2023 RDP 2023-09
100 basis point monetary policy shock, VAR model. Notes: Small VAR with (log) real trade-weighted index, (log) consumption, (log) non-mining business investment, (log) dwelling investment and cash rate.
https://www.rba.gov.au/publications/rdp/2023/2023-09/appendix-b.html

Appendix A: Estimates of the Model

1 Sep 2000 RDP 2000-06
Chris Ryan and Christopher Thompson
output. The six lags of the real interest rate are jointly significant (χ. ... 2. (6) = 18.000 [0.01]) and their sum implies that a sustained one percentage point increase in the real cash rate eventually reduces the level of output by 0.81
https://www.rba.gov.au/publications/rdp/2000/2000-06/appendix-a.html
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Appendix: Data Sources and Methods

1 Aug 1988 RDP 8805
Michele Bullock, Dirk Morris and Glenn Stevens
Data for real interest rates are calculated by deducting the year-ended change in the Consumer Price Index from the nominal bill rate. ... Data on the cash rate and the rate on certificates of deposit are also obtained from the Reserve Bank.
https://www.rba.gov.au/publications/rdp/1988/8805/appendix.html
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China's Evolving Monetary Policy Framework in International Context

1 Dec 2019 RDP 2019-11
Bradley Jones and Joel Bowman
Overnight cash rate target. Reserves/asset purchases. Primary instrument(s). PBC repo rate in corridor system. ... The dual exchange rates were unified following the 1994 devaluation, and a crawling peg exchange rate regime began to serve as a nominal
https://www.rba.gov.au/publications/rdp/2019/2019-11/full.html
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