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.