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.

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Australia Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.25 0.25 17.50 0.25 1990 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-05-05 04:30 AM RBA Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2020-06-02 04:30 AM RBA Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2020-07-07 04:30 AM RBA Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2020-08-04 04:30 AM RBA Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2020-08-18 01:30 AM RBA Meeting Minutes
2020-09-01 04:30 AM RBA Interest Rate Decision 0.25% 0.25%
2020-09-02 01:30 AM RBA Chart Pack
2020-09-15 01:30 AM RBA Meeting Minutes


News Stream
Australia's 2020 GDP to Contract by 6%: RBA
Australia's GDP would fall by 6 percent over 2020 before rising by 5 percent next year and 4 percent in 2022, amid extreme uncertainty caused by the COVID-19 pandemic, the Reserve Bank of Australia said in its quarterly statement on monetary policy. Meantime, the unemployment rate is seen jumping to 10 percent by the end of this year while inflation is seen undershooting its 2-3 percent target range until December 2022. The central bank warned that the latest virus containment measures in Victoria state are expected to subtract at least 2 percentage points from national growth in the current quarter.
2020-08-07
RBA Holds Rates, Announces Bond Buying
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.
2020-08-04
RBA Says No Need to Adjust Monetary Policy Package
There was no need to adjust the package of monetary policy measures in Australia in the current environment, minutes of the Reseve Bank of Australia's July policy meeting showed. However, members agreed to continue to assess the evolving situation in the country and did not rule out adjusting the current package if necessary. The minutes also mentioned that it would have been possible to set interest rates lower, but still positive. Policymakers kept the cash rate at 0.25% on July, 7th, saying the accommodative approach will be maintained as long as it is required. The board reaffirmed that it would not increase the cash rate until progress is made towards full employment and it is confident that inflation will be sustainably within 2–3%.
2020-07-21
Australia Holds Rates at Record Low of 0.25%
The Reserve Bank of Australia left the cash rate unchanged at a record low of 0.25% during its July meeting, as widely expected. Policymakers reiterated that the economy is going through a very difficult period and is experiencing the biggest economic contraction since the 1930s. The Committee noted that the nature and speed of the economic recovery remains highly uncertain, despite the signs of a gradual improvement. The Bank said it is prepared to scale-up its bond purchases again and will do whatever is necessary to ensure bond markets remain functional and to achieve the yield target for 3-year AGS. Policymakers added that the accommodative approach will be maintained as long as it is required and that the cash rate target will not increase until progress is being made towards full employment and until it is confident that inflation will be sustainably within the 2–3 percent target.
2020-07-07

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.