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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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Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
An inherent difficulty in examining the effect of monetary policy on innovation is that the official cash rate will be endogenous. ... We consider four measures:. The change in the policy rate (cash rate) itself.
https://www.rba.gov.au/publications/rdp/2024/2024-01/full.html

Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
cr: cash rate, quarterly average – RBA statistical table F1.1 Interest Rates and Yields – Money Market – Monthly. ... cr_lvl: cash rate level, quarterly average – RBA statistical table F1.1 Interest Rates and Yields – Money Market – Monthly.
https://www.rba.gov.au/publications/rdp/2024/2024-01/read-me.html

Appendix B: Additional Regression Results

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
TWI, the level of the cash rate, and the Beckers (2020) shock. ... By firm size, cash rate change. Year 0. Year 1. Year 2.
https://www.rba.gov.au/publications/rdp/2024/2024-01/appendix-b.html

Results

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
shock. More generally, the 5 per cent response, while large, is not unreasonable in the context of this series – over the sample the year-ended growth rate of R&D spending ... We consider four measures:. The change in the policy rate (cash rate) itself.
https://www.rba.gov.au/publications/rdp/2024/2024-01/results.html

Data and Methodology

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
An inherent difficulty in examining the effect of monetary policy on innovation is that the official cash rate will be endogenous. ... For example, the central bank is likely to raise rates if it expects economic activity and inflation to increase.
https://www.rba.gov.au/publications/rdp/2024/2024-01/data-and-methodology.html

Through Which Channels Does Monetary Policy Affect Innovation?

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Another is the credit constraint channel: monetary policy may lead to tighter credit conditions and make cash flow constraints more binding for some firms. ... All regressions include controls for industry, (lag) GDP growth, (lag) inflation, (lag) growth
https://www.rba.gov.au/publications/rdp/2024/2024-01/through-which-channels-does-monetary-policy-affect-innovation.html