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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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The Main Questions

1 Dec 1988 RDP 8812
Ian Macfarlane
0.41. 0.89. 0.46. 90-day bill rates. 2.21. 2.06. 1.04. Official cash rate. ... At the other extreme, if there is zero capital mobility, foreign interest rates have no impact on the domestic rate.
https://www.rba.gov.au/publications/rdp/1988/8812/main-questions.html
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Appendix 1: Data

1 May 1992 RDP 9204
Philip Lowe
The overnight cash rate (that is the “Authorised dealers: weighted average rate”) and the 90 and 180 day bill rates are from Table F.1. ... In the inflation change regressions, the three end-month interest rates are averaged for the quarter while, in
https://www.rba.gov.au/publications/rdp/1992/9204/appendix-1.html
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Identifying Repo Market Microstructure from Securities Transactions Data

16 Aug 2018 RDP 2018-09
Nicholas Garvin
False detection and false omission rates are estimated to be 3 per cent or less. ... From 2006 to 2015, the distribution of repo-rate spreads (to the cash rate) drifted up and tightened, and the market shifted towards overnight maturities.
https://www.rba.gov.au/publications/rdp/2018/2018-09.html
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Methodology

19 Dec 2023 RDP 2023-09
We allow the shock to enter the model directly, similar to Durante et al (2022), rather than using it as an instrument for changes in the cash rate. ... That said, the results are reasonably robust to using the shock as an instrument for cash rate changes
https://www.rba.gov.au/publications/rdp/2023/2023-09/methodology.html

Anticipatory Monetary Policy and the ‘Price Puzzle’

22 May 2017 RDP 2017-02
James Bishop and Peter Tulip
This ‘price puzzle’ is commonly thought to reflect interest rates being tightened in anticipation of future inflation, reflecting information possessed by policymakers beyond that contained in the model. ... Romer and Romer (2004) and Cloyne and
https://www.rba.gov.au/publications/rdp/2017/2017-02.html
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Financial-asset Prices and Monetary Policy: Theory and Evidence | Conference – 1997

21 Jul 1997 Conferences
Frank Smets
appreciation by raising interest rates as the exchange rate signals a rise in the demand for home goods which may lead to inflationary pressures. ... The estimate of the parameter γ implies that the Australian cash rate is raised by around 25 basis
https://www.rba.gov.au/publications/confs/1997/smets.html

The Cost of Inflation in Australia | Conference – 1992

10 Jul 1992 Conferences
Doug McTaggart
In addition, because housing loan interest costs are not deductible, and because nominal housing loan rates might rise in excess of the rate inflation due to the tax-adjusted Fisher effect ... Suppose borrowers and lenders face different marginal tax
https://www.rba.gov.au/publications/confs/1992/mctaggart.html

Results

31 Dec 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
The cash rate responds little to the shock in the first few quarters. ... 1.5. Inflation. 1.0. 3.6. 3.9. 3.3. Cash rate. 0.1. 1.9. 3.8.
https://www.rba.gov.au/publications/rdp/2014/2014-11/results.html
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Appendix C: Additional Microdata Results

19 Dec 2023 RDP 2023-09
IV approach, full sample. Notes: Monetary policy shock is instrumented via cash rate.
https://www.rba.gov.au/publications/rdp/2023/2023-09/appendix-c.html

Appendix A: A Small Macroeconomic Model of Australia

31 Dec 2002 RDP 2002-01
Guy Debelle and Jenny Wilkinson
f. is the foreign output gap, measured as deviations of US GDP from a linear trend; r is the real cash rate (the instrument of monetary policy less aggregate inflation); and ... where e is the nominal exchange rate and wp represents world export prices.
https://www.rba.gov.au/publications/rdp/2002/2002-01/appendix-a.html
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