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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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Domestic Financial Conditions

8 May 2020 SMP – May 2020
Banks have passed through a large share of the recent reductions in the cash rate to retail deposit rates (Graph 4.15). ... Several lenders, including the major banks, announced a rise in rates on selected term deposits following the second reduction in
https://www.rba.gov.au/publications/smp/2020/may/domestic-financial-conditions.html

Review of the RBA’s Approach to Forward Guidance

9 Mar 2023
A speech by the Governor added that the conditions on the cash rate means that we are likely to be at this level of interest rates for an extended period. ... 4 October 2022. Cash rate target increased by 25 basis points. The Board expects to increase
https://www.rba.gov.au/monetary-policy/reviews/approach-to-forward-guidance/index.html

Operations in Financial Markets

24 Oct 2016 RBA Annual Report – 2016
During 2015/16, the cash rate was equal to the Board's target on all days. ... In conjunction with these changes, the Reserve Bank also commenced publishing a Cash Rate Total Return Index (TRI).
https://www.rba.gov.au/publications/annual-reports/rba/2016/operations-in-financial-markets.html

Appendix B: Data Definitions

31 Mar 1999 RDP 1999-03
Andrea Brischetto and Gordon de Brouwer
ABS Cat. No. 6202.03, Table 2. From 1990 onwards, the target cash rate. ... Prior to 1990, the unofficial 11am call cash rate. Reserve Bank of Australia Bulletin, Table F.1.
https://www.rba.gov.au/publications/rdp/1999/1999-03/appendix-b.html
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The Reserve Bank's Open Market Operations

10 Jun 2003 Bulletin – June 2003
The cash rate is determined in the interbank market for unsecured overnight loans. ... The use of market rates to evaluate bids/offers at different maturities ensures that the Reserve Bank's own views about the forward path of the target cash rate have
https://www.rba.gov.au/publications/bulletin/2003/jun/1.html

Domestic Financial Conditions

6 May 2022 SMP – May 2022
Following the increase in the cash rate, some banks have announced increases to rates paid on a broader range of deposit products. ... Interest rates on variable-rate loans may increase in the period ahead, following the increase in the cash rate in
https://www.rba.gov.au/publications/smp/2022/may/domestic-financial-conditions.html

Benchmarks

18 Nov 2015 Speech
Guy Debelle
Speech by Guy Debelle, Assistant Governor (Financial Markets) Benchmarks at the Bloomberg Summit, Sydney
https://www.rba.gov.au/speeches/2015/sp-ag-2015-11-18.html

Cash Rate Methodology – Error Report | Market Operations Resources

29 Dec 2023
Error Report of the methodology of the cash rate, the Reserve Bank Board's operational target for monetary policy.
https://www.rba.gov.au/mkt-operations/resources/cash-rate-methodology/error-report.html

Learning Activities | Education

4 May 2023
Learning Activities explaining key economic concepts.
https://www.rba.gov.au/education/teacher-materials/learning-activities/

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