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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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Consumer Payment Behaviour in Australia: Evidence from the 2019 Consumer Payments Survey

14 Sep 2020 RDP 2020-06
James Caddy, Luc Delaney and Chay Fisher
76. 45. 48. Average number of cash top-ups per person per week. ... Note: Share of respondents who reported using cash withdrawal and/or deposit services.
https://www.rba.gov.au/publications/rdp/2020/2020-06/full.html
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Appendix C: Forecast Data and Alternative Specifications

29 May 2017 RDP 2017-02
James Bishop and Peter Tulip
data. However, our baseline results are not qualitatively affected if we re-estimate our models using cash rate changes in end-quarter Board meetings over this period. ... Since the Bank only began announcing cash rate outcomes from 1990 onwards, for the
https://www.rba.gov.au/publications/rdp/2017/2017-02/appendix-c.html
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How Australians Pay: Evidence from the 2016 Consumer Payments Survey

1 Jul 2017 RDP 2017-04
Mary-Alice Doyle, Chay Fisher, Ed Tellez and Anirudh Yadav
amount, source) and the amount of cash they held after the top-up. ... Similarly, higher-income consumers have switched away from cash towards cards at a faster rate than respondents with lower incomes in recent years.
https://www.rba.gov.au/publications/rdp/2017/2017-04/full.html
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Introduction | Conference – 2018

12 Apr 2018 Conferences
John Simon
Their main finding is that, while cash rate changes between 2003 and 2012 were fully passed through to the major banks' lending and deposit rates (in aggregate), pass-through since 2012 ... has fallen to around 90 per cent as the major banks' return on
https://www.rba.gov.au/publications/confs/2018/introduction.html

Where's the Money? An Investigation into the Whereabouts and Uses of Australian Banknotes

1 Dec 2018 RDP 2018-12
Richard Finlay, Andrew Staib and Max Wakefield
While we believe that the loss rates of paper banknotes serves as a reasonable indicator for the loss rate of polymer banknotes, there are some important reasons why they may differ. ... Thus, broadly speaking, only the transactional stock of banknotes
https://www.rba.gov.au/publications/rdp/2018/2018-12/full.html
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Can We Use High-frequency Yield Data to Better Understand the Effects of Monetary Policy and Its Communication? Yes and No!

1 Apr 2023 RDP 2023-04
Jonathan Hambur
Many papers incorporate specific interest rates, such as the cash rate, or other short-term interest rates. ... The cash rate was reduced to around the effective lower bound, and various unconventional policies were introduced, including a yield curve
https://www.rba.gov.au/publications/rdp/2023/2023-04/full.html
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Why Do Companies Fail?

1 Nov 2016 RDP 2016-09
Rose Kenney, Gianni La Cava and David Rodgers
H2: Within public companies, listed companies should have particularly high rates of failure, on average. ... We measure liquidity as the ratio of cash (and cash equivalents) to total assets.
https://www.rba.gov.au/publications/rdp/2016/2016-09/full.html
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The Model

9 Oct 2019 RDP 2019-10
Nicholas Garvin
They can allocate l between two types of liquid assets – securities ‘s’ and cash ‘c’. ... Banks' total demand for liquidity from the securities market, in cash value, is written L.
https://www.rba.gov.au/publications/rdp/2019/2019-10/the-model.html
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Macroprudential Limits on Mortgage Products: The Australian Experience

26 Jul 2021 RDP 2021-07
Nicholas Garvin, Alex Kearney and Corrine Rosé
Comparing the middle and bottom panels makes clear that mortgage rates move fairly closely with the cash rate. ... given that the cash rate is a very strong determinant of mortgage rates.
https://www.rba.gov.au/publications/rdp/2021/2021-07/full.html
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Cost-benefit Analysis of Leaning against the Wind

1 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
The optimal control scenario sets interest rates so as to minimise the squared deviations of inflation from its target, the unemployment rate from the NAIRU, and squared changes in the policy ... to the higher cash rate, before it gradually returns to
https://www.rba.gov.au/publications/rdp/2019/2019-05/full.html
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