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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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Bulletin

29 Jan 2024 Bulletin - January 2024 PDF 5775KB
https://www.rba.gov.au/publications/bulletin/2024/jan/pdf/bulletin-2024-01.pdf

Bulletin September Quarter 2023

15 Feb 2024 Bulletin - September 2023 PDF 8611KB
https://www.rba.gov.au/publications/bulletin/2023/sep/pdf/bulletin-2023-09.pdf

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

Statement on Monetary Policy

10 Feb 2004 Bulletin – February 2004
In Australia, the announcement in early December of the second increase in the cash rate target came as little surprise to financial markets, which had already priced in such a move. ... Given all these considerations, as explained in the November
https://www.rba.gov.au/publications/bulletin/2004/feb/1.html

Statement on Monetary Policy

10 Aug 2003 Bulletin – August 2003
event, subsequent developments tended to weaken that case further, so that the cash rate was again held unchanged at the July and August meetings. ... Box C: The Chinese Renminbi. Since the devaluation in 1994, China has maintained its exchange rate
https://www.rba.gov.au/publications/bulletin/2003/aug/1.html

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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Extracting Information from Financial Market Instruments

10 Mar 2012 Bulletin – March 2012
Richard Finlay and David Olivan
OIS rates nonetheless provide a useful and simple source of data for estimating cash rate expectations out to one year. ... Financial markets provide a significant amount of information about expectations of the cash rate, risk-free rates and inflation.
https://www.rba.gov.au/publications/bulletin/2012/mar/6.html

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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The Term Funding Facility: Has It Encouraged Business Lending?

8 Dec 2022 RDP PDF 2133KB
the provision of credit, thereby supporting economic activity: a reduction in the cash rate to 25 basis. ... with reductions in the cash rate target and 3-year government bond yield target.
https://www.rba.gov.au/publications/rdp/2022/pdf/rdp2022-07.pdf

DSGE Reno: Adding a Housing Block to a Small Open Economy Model

1 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
relatively high sensitivity of housing investment to changes in interest rates (e.g. ... The Australian economy is summarised by standard aggregate variables such as GDP growth, consumption growth, CPI inflation and the cash rate, as well as several
https://www.rba.gov.au/publications/rdp/2018/2018-04/full.html
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