The Reserve Bank of Australia raised the cash rate by 50 bps to 1.85% during its August 2022 meeting. The move followed a 50-bps hike in July and June and a 25-bps rise in May, bringing the cash rate to a level not seen since April 2016. The board said that rate hikes over recent months have been required to bring inflation down and to create a more sustainable demand and supply, adding that the RBA was committing to take further tightening but it is not on a pre-set path, as the size and timing will be guided by the incoming data. The committee noted that 2022 CPI would be around 7-3/4% and a little above 4% in 2023. The central bank reaffirmed its commitment to doing what is necessary to ensure inflation returns to target while paying attention to the global outlook, which stays clouded by the war in Ukraine, its effect on prices of energy and commodities, and China's anti-COVID measures. The board increased the interest rate on Exchange Settlement balances by 50 bps to 1.75%. 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 August of 2022.

Interest Rate in Australia is expected to be 2.10 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 2.60 percent in 2023, according to our econometric models.

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Australia Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-06-07 04:30 AM RBA Interest Rate Decision 0.85% 0.35% 0.6% 0.6%
2022-07-05 04:30 AM RBA Interest Rate Decision 1.35% 0.85% 1.35% 1.35%
2022-08-02 04:30 AM RBA Interest Rate Decision 1.85% 1.35% 1.85% 1.85%
2022-08-16 01:30 AM RBA Meeting Minutes
2022-09-06 04:30 AM RBA Interest Rate Decision
2022-09-07 01:30 AM RBA Chart Pack


Related Last Previous Unit Reference
Interest Rate 1.85 1.35 percent Aug 2022
Money Supply M1 1697.79 1704.51 AUD Billion Jun 2022
Money Supply M0 522.69 538.58 AUD Billion Jun 2022
Interbank Rate 1.22 1.10 percent Sep 2019
Money Supply M3 2755.04 2725.68 AUD Billion Jun 2022
Central Bank Balance Sheet 620303.00 622632.00 AUD Million Aug 2022
Foreign Exchange Reserves 79080.00 79942.00 AUD Million Jul 2022
Banks Balance Sheet 5169.50 5280.83 AUD Billion Mar 2021
Loans to Private Sector 1150.35 1129.79 AUD Billion Jun 2022
Deposit Interest Rate 0.30 0.10 percent Jul 2022

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
1.85 1.35 17.50 0.10 1990 - 2022 percent Daily

News Stream
Australia Delivers Another 50Bps Rate Hike
The Reserve Bank of Australia raised the cash rate by 50 bps to 1.85% during its August 2022 meeting. The move followed a 50-bps hike in July and June and a 25-bps rise in May, bringing the cash rate to a level not seen since April 2016. The board said that rate hikes over recent months have been required to bring inflation down and to create a more sustainable demand and supply, adding that the RBA was committing to take further tightening but it is not on a pre-set path, as the size and timing will be guided by the incoming data. The committee noted that 2022 CPI would be around 7-3/4% and a little above 4% in 2023. The central bank reaffirmed its commitment to doing what is necessary to ensure inflation returns to target while paying attention to the global outlook, which stays clouded by the war in Ukraine, its effect on prices of energy and commodities, and China's anti-COVID measures. The board increased the interest rate on Exchange Settlement balances by 50 bps to 1.75%.
2022-08-02
Households in Australia Can Withstand Higher Interest Rate: RBA Bullock
Households in Australia are generally well placed in the wake of rising borrowing costs, Reserve Bank of Australia deputy governor Michele Bullock said in a speech, adding that they had built up around AUD 260 billion in excess savings during the pandemic. However, she cautioned that some households would be pressured by higher borrowing costs, including those that had taken out fixed loans in the last year or two. "While in aggregate it seems unlikely that there will be substantial financial stability risks arising from the household sector, risks are a little elevated," she noted.
2022-07-19
Rates Still Too Low to Counter Inflation: RBA Minutes
The level of interest rates in Australia was still very low for an economy with a tight labor market and facing a period of higher inflation, the minutes of the Reserve Bank of Australia's July meeting showed. Ahead of the discussion about monetary policy, members talked about the neutral rate, one that is neither expansionary nor contractionary, and decided hat the current rate of 1.35% was well below that. "Members agreed that further steps would need to be taken to normalize monetary conditions over the months ahead," the minutes added. "Members viewed it as important that inflation expectations remained well anchored and that the period of higher inflation be temporary". The size and timing of future rate hikes will be guided by the incoming data and the board's assessment of the outlook for inflation and the labor market, including the risks to the outlook. The RBA stays committed to doing what is necessary to ensure that inflation returns to the target over time.
2022-07-19