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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.

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3.3 Risk Management

19 Oct 2023 RBA Annual Report – October 2023
Risk Management | Reserve Bank of Australia Annual Report – October 2023
https://www.rba.gov.au/publications/annual-reports/rba/2023/risk-management.html

3.4 Earnings, Distribution and Capital

19 Oct 2023 RBA Annual Report – October 2023
Earnings, Distribution and Capital | Reserve Bank of Australia Annual Report – October 2023
https://www.rba.gov.au/publications/annual-reports/rba/2023/earnings-distribution-and-capital.html

The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases

24 May 2022 RDP 2022-02
Richard Finlay, Dmitry Titkov and Michelle Xiang
same time announced a reduction in the cash rate target from 50 basis points to 25 basis points. ... although the observed effect is confounded with the reduction in the cash rate target, announced at the same time (Figure 4).
https://www.rba.gov.au/publications/rdp/2022/2022-02/full.html
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Annual Performance Statement for 2021/22

27 Oct 2022 RBA Annual Report – October 2022
The cash rate was within the interest rate corridor around the cash rate target each business day. ... The cash rate target was 10 basis points and the interest rate on Exchange Settlement balances was zero per cent.
https://www.rba.gov.au/publications/annual-reports/rba/2022/annual-performance-statement.html

Reserve Bank of Australia Annual Report 2021

29 Sep 2022 RBA Annual Report 2021 PDF 6721KB
https://www.rba.gov.au/publications/annual-reports/rba/2021/pdf/2021-report.pdf

Monetary Policy, Equity Markets and the Information Effect

24 Oct 2021 RDP PDF 1573KB
prescription. For example, if the conventional effects of cash rate changes (e.g. ... approximation of the 3 to 5-year growth rate. Cash rate change Monetary policy surprise-4.
https://www.rba.gov.au/publications/rdp/2021/pdf/rdp2021-04.pdf

Notes to and Forming Part of the Financials Statements

27 Oct 2022 RBA Annual Report – October 2022
The RBA accrues interest daily on open repurchase agreements at the target cash rate. ... Interest rate risk. is the exposure of the defined benefit obligations to adverse movements in interest rates.
https://www.rba.gov.au/publications/annual-reports/rba/2022/financial-statements/notes.html

The Evolution of Consumer Payments in Australia: Results from the 2022 Consumer Payments Survey

21 Nov 2023 RDP PDF 2354KB
emerging, often enabled by mobile technology, while transactional use of cash is declining. ... with cash declined more modestly from 11 per cent to 8 per cent.
https://www.rba.gov.au/publications/rdp/2023/pdf/rdp2023-08.pdf

The Evolution of Consumer Payments in Australia: Results from the 2022 Consumer Payments Survey

27 Nov 2023 RDP 2023-08
Tanya Livermore, Jack Mulqueeney, Thuong Nguyen and Benjamin Watson
services. Figure 5: Trends in Card and Cash Payments. Share of number of payments. ... top-up source, compared to about 70 per cent for low cash users.
https://www.rba.gov.au/publications/rdp/2023/2023-08/full.html
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Australian Money Market Divergence: Arbitrage Opportunity or Illusion?

1 Sep 2019 RDP 2019-09
Belinda Cheung and Sebastien Printant
Note: (a) Discounted variable rates on owner-occupier housing loans; spread to cash rate. ... In the first instance, we make the deliberately extreme assumption that investments can be funded at the overnight cash rate target.
https://www.rba.gov.au/publications/rdp/2019/2019-09/full.html
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