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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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Domestic Financial Conditions

4 Feb 2021 SMP – February 2021
Following the reduction in the cash rate target and the remuneration on ES balances in November, repo rates at the Bank's daily market operations declined from 18 basis points to ... While some small lenders passed on the 15 basis point reduction in
https://www.rba.gov.au/publications/smp/2021/feb/domestic-financial-conditions.html

Outlook

7 May 2024 SMP – May 2024
Outlook | Statement on Monetary Policy – May 2024
https://www.rba.gov.au/publications/smp/2024/may/outlook.html

Domestic Financial Conditions

10 Feb 2023 SMP – February 2023
The cash rate was 4 basis points below the cash rate target for most of 2022; however, recently this spread has narrowed slightly, with the cash rate at 3 basis points ... below the cash rate target over 2023 to date.
https://www.rba.gov.au/publications/smp/2023/feb/domestic-financial-conditions.html

Domestic Financial Conditions

4 Aug 2023 SMP – August 2023
Domestic Financial Conditions | Statement on Monetary Policy – August 2023
https://www.rba.gov.au/publications/smp/2023/aug/domestic-financial-conditions.html

Domestic Financial Conditions

4 Nov 2022 SMP – November 2022
Following the increase in the cash rate target to 2.85 per cent in early November, prices for overnight indexed swap (OIS) contracts imply that market participants expect the cash rate ... The cash rate has increased in line with the cash rate target
https://www.rba.gov.au/publications/smp/2022/nov/domestic-financial-conditions.html

Financial Conditions

7 May 2024 SMP – May 2024
Financial Conditions | Statement on Monetary Policy – May 2024
https://www.rba.gov.au/publications/smp/2024/may/financial-conditions.html

Domestic Financial Conditions

6 May 2021 SMP – May 2021
The measures include the reductions in the cash rate, the use of forward guidance, the target for the yield on the 3-year Australian Government bond, the Term Funding Facility (TFF) ... year tenor reflects the different expectations for the cash rate as
https://www.rba.gov.au/publications/smp/2021/may/domestic-financial-conditions.html

Domestic Financial Conditions

5 Aug 2022 SMP – August 2022
The Board has increased the cash rate target and the interest rate on Exchange Settlement (ES) balances by 175 basis points since early May, to 1.85 per cent and ... The cash rate has increased in line with the cash rate target since May, remaining
https://www.rba.gov.au/publications/smp/2022/aug/domestic-financial-conditions.html

Domestic Financial Conditions

6 May 2022 SMP – May 2022
program. In May, the Board increased the cash rate target by 25 basis points to 35 basis points, and the interest rate on Exchange Settlement balances from zero per cent to ... The cash rate increased slightly to 6 basis points in April, and to
https://www.rba.gov.au/publications/smp/2022/may/domestic-financial-conditions.html

Domestic Financial Conditions

8 Nov 2019 SMP – November 2019
Following the reductions at the June and July Board meetings, the cash rate target was lowered by a further 25 basis points in October, to 0.75 per cent. ... Meanwhile, the cash rate continued to trade at the Reserve Bank Board's target.
https://www.rba.gov.au/publications/smp/2019/nov/domestic-financial-conditions.html