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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 Link between the Cash Rate and Market Interest Rates

1 May 1995 RDP 9504
Philip Lowe
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1995/9504.html

The Pass-Through of Changes in the Cash Rate

1 May 1995 RDP 9504
Philip Lowe
RDP 9504: The Link Between the Cash Rate and Market Interest Rates 3. ... However, not all interest rates move one for one with the cash rate.
https://www.rba.gov.au/publications/rdp/1995/9504/pass-through-of-changes-in-the-cash-rate.html

The Link Between the Cash Rate and Market Interest Rates

1 May 1995 RDP 9504
Philip Lowe
Research Discussion Paper – RDP 9504 The Link Between the Cash Rate and Market Interest Rates.
https://www.rba.gov.au/publications/rdp/1995/9504/

Conclusion

1 May 1995 RDP 9504
Philip Lowe
RDP 9504: The Link Between the Cash Rate and Market Interest Rates 5. ... Banks have access to retail deposits whose interest rates are relatively insensitive to changes in the cash rate.
https://www.rba.gov.au/publications/rdp/1995/9504/conclusion.html

Appendix 1: Unit Root Tests

1 May 1995 RDP 9504
Philip Lowe
RDP 9504: The Link Between the Cash Rate and Market Interest Rates Appendix 1: Unit Root Tests. ... 2.50. 2.25. Deposit rates. Cash management trust. 0.69. 2.58. 1.62. 1.66.
https://www.rba.gov.au/publications/rdp/1995/9504/appendix-1.html

Introduction

1 May 1995 RDP 9504
Philip Lowe
RDP 9504: The Link Between the Cash Rate and Market Interest Rates 1. ... Many factors influence the reaction of market interest rates to changes in the cash rate.
https://www.rba.gov.au/publications/rdp/1995/9504/introduction.html

References

1 May 1995 RDP 9504
Philip Lowe
RDP 9504: The Link Between the Cash Rate and Market Interest Rates References. ... Rankin, R.W. (1992), “The Cash Market in Australia”, Reserve Bank of Australia Research Discussion Paper No.
https://www.rba.gov.au/publications/rdp/1995/9504/references.html

Appendix 2: Data

1 May 1995 RDP 9504
Philip Lowe
RDP 9504: The Link Between the Cash Rate and Market Interest Rates Appendix 2: Data. ... Cash rate. RBA Bulletin, Table F.1. The daily cash rate series is from internal RBA sources.
https://www.rba.gov.au/publications/rdp/1995/9504/appendix-2.html

The Operation of Monetary Policy

1 May 1995 RDP 9504
Philip Lowe
RDP 9504: The Link Between the Cash Rate and Market Interest Rates 2. ... In January 1990, the Bank began announcing its desired level for the cash rate.
https://www.rba.gov.au/publications/rdp/1995/9504/operation-of-monetary-policy.html

What Determines the Degree of Pass-Through?

1 May 1995 RDP 9504
Philip Lowe
RDP 9504: The Link Between the Cash Rate and Market Interest Rates 4. ... If bank shareholders can successfully demand higher rates of return, the loan rate – cash rate spread must increase to generate those higher returns.
https://www.rba.gov.au/publications/rdp/1995/9504/what-determines-the-degree-of-pass-through.html