The Reserve Bank of Australia raised the cash rate by 25bps to 3.1% at its final meeting of 2022, matching market forecasts. The move marked the eighth straight rate hike, taking borrowing costs to a level not seen since November 2012, with the board flagging more rate hikes ahead as inflation in Australia is too high. Tuesday's widely anticipated decision takes the central bank's cumulative hikes since May to 3 percentage points, the sharpest annual tightening since 1989. The committee reiterated the policy rate was not on a pre-set course, as the size and timing of future rate increases will continue to be determined by the incoming data. The board added inflation in Australia would peak around 8% this year before easing in 2023 and reaching a little above 3% in 2024. Policymakers reaffirmed their commitment to bring inflation to target levels and will do what is necessary to achieve that. The RBA also increased the interest rate on Exchange Settlement balances by 25bps to 3.0%. source: Reserve Bank of Australia

Interest Rate in Australia averaged 3.84 percent from 1990 until 2023, reaching an all time high of 17.50 percent in January of 1990 and a record low of 0.10 percent in November of 2020. This page provides - Australia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2023.

Interest Rate in Australia is expected to be 3.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Interest Rate is projected to trend around 2.85 percent in 2024 and 2.50 percent in 2025, according to our econometric models.

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Australia Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-10-04 03:30 AM RBA Interest Rate Decision 2.6% 2.35% 2.85% 2.85%
2022-11-01 03:30 AM RBA Interest Rate Decision 2.85% 2.6% 2.85% 3.1%
2022-12-06 03:30 AM RBA Interest Rate Decision 3.1% 2.85% 3.1% 3.1%
2023-02-07 03:30 AM RBA Interest Rate Decision 3.1% 3.35% 3.35%
2023-02-08 12:30 AM RBA Chart Pack
2023-02-10 12:30 AM RBA Statement on Monetary Policy


Related Last Previous Unit Reference
Interest Rate 3.10 3.10 percent Jan 2023
Money Supply M1 1645.44 1645.93 AUD Billion Dec 2022
Money Supply M0 564.48 565.50 AUD Billion Dec 2022
Interbank Rate 1.22 1.10 percent Sep 2019
Money Supply M3 2829.08 2810.15 AUD Billion Dec 2022
Central Bank Balance Sheet 625600.00 624695.00 AUD Million Feb 2023
Foreign Exchange Reserves 85445.00 86777.00 AUD Million Dec 2022
Banks Balance Sheet 5169.50 5280.83 AUD Billion Mar 2021
Loans to Private Sector 1208.37 1207.74 AUD Billion Dec 2022
Deposit Interest Rate 1.40 1.40 percent Jan 2023

Australia Interest Rate
In Australia, interest rates decisions are taken by the Reserve Bank of Australia's Board. The official interest rate is the cash rate. The cash rate is the rate charged on overnight loans between financial intermediaries, is determined in the money market as a result of the interaction of demand for and supply of overnight funds.
Actual Previous Highest Lowest Dates Unit Frequency
3.10 3.10 17.50 0.10 1990 - 2023 percent Daily

News Stream
Australia Lifts Cash Rate to Decade-High of 3.1%
The Reserve Bank of Australia raised the cash rate by 25bps to 3.1% at its final meeting of 2022, matching market forecasts. The move marked the eighth straight rate hike, taking borrowing costs to a level not seen since November 2012, with the board flagging more rate hikes ahead as inflation in Australia is too high. Tuesday's widely anticipated decision takes the central bank's cumulative hikes since May to 3 percentage points, the sharpest annual tightening since 1989. The committee reiterated the policy rate was not on a pre-set course, as the size and timing of future rate increases will continue to be determined by the incoming data. The board added inflation in Australia would peak around 8% this year before easing in 2023 and reaching a little above 3% in 2024. Policymakers reaffirmed their commitment to bring inflation to target levels and will do what is necessary to achieve that. The RBA also increased the interest rate on Exchange Settlement balances by 25bps to 3.0%.
2022-12-06
Australia Lifts Cash Rate by 25Bps to 2.85%
The Reserve Bank of Australia raised the cash rate by 25bps to 2.85% during its November 2022 meeting, matching market forecasts. The move marked the seventh straight rate hike, taking borrowing costs to a level not seen since April 2013, with the board mentioning further rate hikes will be needed as inflation in Australia is too high. The committee added that it now saw inflation peaking around 8% this year, compared with its previous forecasts of 7.75%. Inflation is expected at around 4.75% in 2023, and a little above 3% in 2024. The board reiterated that it remained resolute in its commitment to bring inflation to target levels and will do what is necessary to achieve that. The size and timing of rate increases will be determined by the incoming data. It is also closely monitoring the global economy, household spending, wage, and price-setting behavior. The board increased the interest rate on Exchange Settlement balances by 25bps to 2.75%.
2022-11-01
RBA Set to Deliver 25bps Rate Hike
The Reserve Bank of Australia is broadly expected to lift its cash rate by only 25bps to 2.85%, during its November 1st meeting as it tries to balance rising inflation against risks to growth coming from a decline in consumption. Still, it would be the seventh consecutive rate hike, bringing the borrowing cost to the highest since April 2013. On the other hand, the possibility of a more aggressive half-point rate hike also remains on the table after the third-quarter inflation rate came in at a 32-year high of 7.3%, while retail sales and exports remain at a robust level. Although analysts expect the RBA to halt its policy tightening path at a cash rate of 3.5%, financial markets currently price the central bank to continue hiking until it reaches a peak rate of 3.9% next year.
2022-10-31