The Reserve Bank of Australia kept the cash rate unchanged at a record low of 0.25 percent during its August meeting, and flagged that it would start a fresh round of bond buying tomorrow as the yield on 3-year Australian Government Securities has been a little higher than the target of around 25 bps over recent weeks. Policymakers said that a recovery from the COVID-19 crisis is now underway in most of Australia. This recovery is, however, likely to be both uneven and bumpy, with the outbreak in Victoria having a major effect on the economy. The board also said that fiscal and monetary stimulus will be required for some time, promising to keep the cash rate target at current levels until progress is made towards full employment and until policymakers see inflation remains sustainably within the 2-3 percent target.
Interest Rate in Australia averaged 4.19 percent from 1990 until 2020, reaching an all time high of 17.50 percent in January of 1990 and a record low of 0.25 percent in March 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 August of 2020. source: Reserve Bank of Australia
Interest Rate in Australia is expected to be 0.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Australia to stand at 0.25 in 12 months time. In the long-term, the Australia Interest Rate is projected to trend around 0.50 percent in 2021 and 0.75 percent in 2022, according to our econometric models.