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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 Cash Market

15 Dec 2016 Bulletin – December 2016
Al Hing, Gerard Kelly and David Olivan
The cash market is the market for unsecured, overnight loans between banks. The weighted average of interest rates on these loans is the cash rate, the Reserve Bank's operational target for monetary policy and an important financial benchmark. Over
https://www.rba.gov.au/publications/bulletin/2016/dec/4.html

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

Australia and the Global Economy – The Terms of Trade Boom | Explainer | Education

26 May 2023
This series provides short, concise explanations for various economics topics.
https://www.rba.gov.au/education/resources/explainers/australia-and-the-global-economy.html

The Transmission of Monetary Policy through Banks' Balance Sheets | Conference – 2018

12 Apr 2018 Conferences
Anthony Brassil, Jon Cheshire and Joseph Muscatello
as the reference rates are market determined and assumed to fully incorporate current and expected cash rate changes). ... The effect of the cash rate on provisioning rates may diminish at low interest rates.
https://www.rba.gov.au/publications/confs/2018/brassil-cheshire-muscatello.html

Domestic Financial Conditions

4 Nov 2022 SMP – November 2022
Up to October, lenders have passed on the cash rate increases in full to reference rates for variable-rate housing and business borrowers. ... These increases have been underpinned by rising BBSW rates, reflecting actual and prospective increases in the
https://www.rba.gov.au/publications/smp/2022/nov/domestic-financial-conditions.html

Developments in Banks' Funding Costs and Lending Rates

19 Mar 2020 Bulletin – March 2020
Susan Black, Dmitry Titkov and Lydia Wang
Banks’ funding costs declined over 2019, driven by reductions in the cash rate.
https://www.rba.gov.au/publications/bulletin/2020/mar/developments-in-banks-funding-costs-and-lending-rates.html

Appendix D: Glossary and Data

1 Jun 2000 RDP 2000-05
Meredith Beechey, Nargis Bharucha, Adam Cagliarini, David Gruen and Christopher Thompson
π. t. three-year average of past inflation. r. t. real cash rate, defined as r. ... i. t. nominal cash rate. u. t. unit labour costs. y.
https://www.rba.gov.au/publications/rdp/2000/2000-05/appendix-d.html
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Appendix D: Data Sources and Definitions

31 Dec 2003 RDP 2003-12
Tim Robinson, Andrew Stone and Marileze van Zyl
The nominal cash rate is the quarter average of monthly data for the interbank overnight rate, for the period from July 1998 onwards, and for the 11am call rate, up to ... Constructed from RBA Bulletin Table ‘Advances Classified by Interest Rates’
https://www.rba.gov.au/publications/rdp/2003/2003-12/appendix-d.html
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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

Developments in Banks' Funding Costs and Lending Rates

16 Mar 2017 Bulletin – March 2017
Belinda Cheung
This article updates previous Reserve Bank research on the ways in which developments in the composition and pricing of banks' debt funding have affected their overall cost of funds and influenced lending rates. Major banks' outstanding funding
https://www.rba.gov.au/publications/bulletin/2017/mar/5.html