The Reserve Bank of Australia kept the cash rate unchanged at a record low of 0.1% for the 13th month in a row during its last meeting of 2021 as expected, saying inflation had picked up but it remains low in underlying terms. Policymakers noted that inflation pressures are less than they are in many other countries, amid modest wages growth. The board reiterated that it will not increase the cash rate until Australia's actual inflation is sustainably within the 2% to 3% target range. "This will require the labor market to be tight enough to generate wages growth that is materially higher than it is currently. This is likely to take some time and the board is prepared to be patient." The committee said that it will continue to buy government bonds at a pace of A$4 billion a week until February, when it will review the operation. By mid-February, the RBA will hold a total of $350 billion of the bonds. On the Omicron strain, the bank said it is unlikely to derail the economic recovery. source: Reserve Bank of Australia
Interest Rate in Australia averaged 3.95 percent from 1990 until 2021, 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 January of 2022.
Interest Rate in Australia is expected to be 0.10 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 0.10 percent in 2022 and 0.75 percent in 2023, according to our econometric models.