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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 Australian Financial System

20 Apr 2016 FSR – April 2016
The major banks' average outstanding deposit rate has fallen by almost 60 basis points since the start of last year, compared with a 50 basis point decline in the cash rate ... To date it appears that most funds have responded to lower returns by
https://www.rba.gov.au/publications/fsr/2016/apr/aus-fin-sys.html

The Australian and Global Financial Systems

9 Apr 2020 FSR – April 2020
This reflects that a portion of banks' deposits receive no or very low rates of interest, making them difficult to reprice lower when the cash rate declines. ... The lift in the rate of remuneration of exchange settlement balances (relative to the cash
https://www.rba.gov.au/publications/fsr/2020/apr/the-australian-and-global-financial-systems.html

Financial Stability Review October 2018

6 Feb 2020 FSR October 2018 PDF 2096KB
https://www.rba.gov.au/publications/fsr/2018/oct/pdf/financial-stability-review-2018-10.pdf

The Australian Financial System

10 Mar 2015 FSR – March 2015
Some of the major banks' at-call and term deposit rates have declined by more than the cash rate over this period – for example, interest rates on some ‘bonus’ savings accounts ... Accordingly, two major banks have recently announced an increase in
https://www.rba.gov.au/publications/fsr/2015/mar/aus-fin-sys.html

The Australian Financial System

15 Oct 2015 FSR October 2015 PDF 452KB
https://www.rba.gov.au/publications/fsr/2015/oct/pdf/aus-fin-sys.pdf

Household and Business Finances

9 Oct 2019 FSR - October 2019 PDF 470KB
https://www.rba.gov.au/publications/fsr/2019/oct/pdf/02-household-business-finances.pdf

The Australian Financial System

10 Feb 2020 FSR April 2018 PDF 1279KB
https://www.rba.gov.au/publications/fsr/2018/apr/pdf/03-australian-financial-system.pdf

The Global Financial Environment

24 Mar 2015 FSR March 2015 PDF 623KB
https://www.rba.gov.au/publications/fsr/2015/mar/pdf/global-fin-env.pdf

Regulatory Developments

4 Oct 2019 FSR – October 2019
the CFR's policy framework for competition in the clearing and settlement of Australian cash equities. ... the enforcement of the CFR's regulatory expectations for monopoly providers of cash equity CS services.
https://www.rba.gov.au/publications/fsr/2019/oct/regulatory-developments.html

The Australian Financial System

20 Oct 2015 FSR – October 2015
Interest rates on existing variable-rate investor housing loans have been lifted by between 20 and 50 basis points (although one major bank instead increased pricing for interest-only loans). ... Since the start of this year, the major banks' average
https://www.rba.gov.au/publications/fsr/2015/oct/aus-fin-sys.html