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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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Reserve Bank of Australia Annual Report 2023

1 May 2024 RBA Annual Report - 2023 PDF 9575KB
https://www.rba.gov.au/publications/annual-reports/rba/2023/pdf/rba-annual-report-2023.pdf

Bulletin

17 Apr 2024 Bulletin - April 2024 PDF 7253KB
https://www.rba.gov.au/publications/bulletin/2024/apr/pdf/bulletin-2024-04.pdf

Bank Funding and the Recent Tightening of Monetary Policy

17 Apr 2024 Bulletin - April 2024 PDF 1208KB
https://www.rba.gov.au/publications/bulletin/2024/apr/pdf/bank-funding-and-the-recent-tightening-of-monetary-policy.pdf

The COVID-19 Pandemic: 2020 to 2021

16 Apr 2024 PDF 552KB
22 February: First COVID vaccine doses are administered. 3 March: Cash rate target lowered to 0.5%. ... 3 November: Cash rate target reduced to 0.1% and bond purchase program announced.
https://www.rba.gov.au/education/resources/explainers/pdf/the-covid-19-pandemic-2020-to-2021.pdf

The Future System for Monetary Policy Implementation - Consultation Paper - April 2024

15 Apr 2024 Consultations PDF 720KB
In this way, the price of OMO repo provides a guide for the cash rate and broader short-term market rates. ... An ample system under full allotment OMO can provide an effective anchor for the cash rate, money market rates and financial conditions more
https://www.rba.gov.au/publications/consultations/202404-future-system-for-monetary-policy-implementation-in-australia/pdf/202404-the-future-system-for-monetary-policy-implementation-in-australia.pdf

How the Reserve Bank Implements Monetary Policy

2 Apr 2024 PDF 164KB
This Explainer describes how each tool is implemented. 1. Cash Rate Target How the cash rate target is implemented can be explained by stepping through five aspects of the cash market: ... The cash rate is maintained consistent with the target through
https://www.rba.gov.au/education/resources/explainers/pdf/how-the-reserve-bank-implements-monetary-policy.pdf

What is Monetary Policy?

14 Mar 2024 PDF 836KB
The cash rate target is the conventional tool of monetary policy in Australia. ... strong demand, the Reserve Bank can tighten monetary policy, such as by raising the cash rate target to dampen economic activity and contain inflation.
https://www.rba.gov.au/education/resources/explainers/pdf/what-is-monetary-policy.pdf

RBAFOI-232432 - documents for release

15 Feb 2024 PDF 2753KB
Most recent three International Department monthly notes
https://www.rba.gov.au/information/foi/disclosure-log/pdf/232432.pdf

Financial Conditions

6 Feb 2024 SMP - February 2024 PDF 1605KB
https://www.rba.gov.au/publications/smp/2024/feb/pdf/01-financial-conditions.pdf

Statement on Monetary Policy

6 Feb 2024 SMP - February 2024 PDF 4547KB
https://www.rba.gov.au/publications/smp/2024/feb/pdf/statement-on-monetary-policy-2024-02.pdf