The Reserve Bank of Australia raised the cash rate by 50bps to 2.35% during its September 2022 meeting, as expected. The move followed a 50-bps hike each in the prior three months and a 25-bps rise in May, bringing the cash rate to a level not seen since January 2015. The board said that it was seeking to bring inflation down to the 2–3% range while keeping the economy on an even keel. Policymakers reiterated that they expect to increase interest rates further over the months ahead, but it is not on a pre-set path as the size and timing will be guided by the incoming data. The central bank reaffirmed its commitment to doing what is necessary to ensure prices return to target while paying attention to any sign of deterioration in global economic growth due to monetary tightening in many countries, the war in Ukraine, and the anti-COVID measures and other policy challenges in China. The committee increased the interest rate on Exchange Settlement balances by 50bps to 2.25%. source: Reserve Bank of Australia
Interest Rate in Australia averaged 3.86 percent from 1990 until 2022, 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 September of 2022.
Interest Rate in Australia is expected to be 2.35 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 3.35 percent in 2023 and 2.60 percent in 2024, according to our econometric models.