The Reserve Bank of Australia kept the cash rate at a record low of 0.1% during its June meeting, as widely expected. Policymakers reaffirmed their commitment to maintaining highly supportive monetary conditions until at least 2024 when actual inflation is within the 2 to 3% target. The board said that it expects GDP to grow by 4¾ % this year and 3½% in 2022, supported by fiscal measures and very accommodative financial conditions. Meantime, jobs, inflation, and wage pressures are estimated to remain subdued. CPI inflation is projected to rise temporarily to be above 3% in Q2, on a reversal of some COVID-19-related price reductions. The board remained committed to the 3-year government bond yield target of 10 bps. At its July meeting, it will consider whether to retain the April 2024 bond as the target bond or to shift to the next maturity. source: Reserve Bank of Australia

Interest Rate in Australia averaged 4.04 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 June of 2021.

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. Looking forward, we estimate Interest Rate in Australia to stand at 0.10 in 12 months time. In the long-term, the Australia Interest Rate is projected to trend around 0.10 percent in 2022, according to our econometric models.

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Australia Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.10 0.10 17.50 0.10 1990 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2021-03-02 03:30 AM RBA Interest Rate Decision 0.1% 0.1% 0.1% 0.1%
2021-04-06 04:30 AM RBA Interest Rate Decision 0.1% 0.1% 0.1% 0.1%
2021-05-04 04:30 AM RBA Interest Rate Decision 0.1% 0.1% 0.1% 0.1%
2021-06-01 04:30 AM RBA Interest Rate Decision 0.1% 0.1% 0.1% 0.1%
2021-06-15 01:30 AM RBA Meeting Minutes
2021-06-17 12:10 AM RBA Gov Lowe Speech
2021-06-17 01:30 AM RBA Bulletin
2021-07-06 04:30 AM RBA Interest Rate Decision 0.1% 0.1%


News Stream
Australia Holds Rates
The Reserve Bank of Australia kept the cash rate at a record low of 0.1% during its June meeting, as widely expected. Policymakers reaffirmed their commitment to maintaining highly supportive monetary conditions until at least 2024 when actual inflation is within the 2 to 3% target. The board said that it expects GDP to grow by 4¾ % this year and 3½% in 2022, supported by fiscal measures and very accommodative financial conditions. Meantime, jobs, inflation, and wage pressures are estimated to remain subdued. CPI inflation is projected to rise temporarily to be above 3% in Q2, on a reversal of some COVID-19-related price reductions. The board remained committed to the 3-year government bond yield target of 10 bps. At its July meeting, it will consider whether to retain the April 2024 bond as the target bond or to shift to the next maturity.
2021-06-01
Australia Economy Sees Rapid Recovery: RBA Minutes
The Australian economy was transitioning from recovery to expansion earlier and with more momentum than previously anticipated, minutes of RBA's May monetary policy meeting showed. In response to the stronger starting point and improved outlook further out, the forecast for GDP had been revised upwards. GDP growth of 4¾% was expected in 2021 and 3½% in 2022. Meantime, conditions in the housing market had continued to strengthen, while the outlook for dwelling investment remained strong driven by the HomeBuilder program. Regarding prices, the forecast for inflation had been revised upwards slightly, but inflation was still expected to rise gradually. The board remained committed to doing what it reasonably could to support the economy, and would maintain highly supportive monetary conditions until at least in 2024 when its goals for employment and inflation were achieve and wages growth to be materially higher.
2021-05-18
RBA Holds Rates, Upgrades Economic Forecasts
The Reserve Bank of Australia left its cash rate unchanged at a record low of 0.1% during its May meeting, as widely expected. Policymakers reaffirmed their commitment to maintaining highly supportive monetary conditions until at least 2024 when actual inflation is within the 2 to 3% target. The board also remained committed to the 3-year government bond yield target of 10 bps. At its July meeting, it will consider whether to retain the April 2024 bond as the target bond or to shift to the next maturity. Meantime, a pick-up in inflation and wage growth is expected, but it is likely to be only gradual. CPI inflation is projected to rise temporarily to be above 3% in Q2, on a reversal of some COVID-19-related price reductions. Regarding the GDP, the RBA's scenario has been revised up further, with the growth of 4¾% expected in 2021 and 3½% in 2022, as business investment picked up and household spending strengthened.
2021-05-04
RBA Sees Strong Economic Recovery This Year
The economic recovery in Australia is expected to continue, with the above-trend growth forecast in 2021 and 2022, minutes of the Reserve Bank of Australia's April policy meeting showed. Household and business balance sheets were in good shape overall and this was expected to continue to support spending, it added. "Preliminary data suggested that GDP in March quarter was likely to have recovered further to around its pre-pandemic level, earlier than previously expected." Despite these generally positive developments, wage and price pressures had remained subdued and were expected to remain so for several years. The economy had been operating with considerable spare capacity and the unemployment rate was still too high. The central bank reiterated that it would remain accommodative until at least 2024 when actual inflation is sustainably within the 2-3% target range
2021-04-20

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.