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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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Introduction
1 Feb 1991
RDP
9101
Because of data limitations, for Australia we use the 90-day bank bill rate. ... Over the period for which Australian Euro-rates were available (since December 1987), the average difference between the 90-day bank bill rate and the mid-point of bid and
https://www.rba.gov.au/publications/rdp/1991/9101/introduction.html