The Reserve Bank of Australia raised the cash rate by 50 bps to 0.85% during its June 2022 meeting. This was the first back-to-back rate hike in 12 years, as the board said huge monetary support is no longer needed amid the strength of the economy and the current inflation pressures. In addition, the labor market is strong, as employment has grown and the jobless rate was at its lowest in near 50 years. Policymakers warned that further tightening is in the pipeline, with its size and timing being guided by the incoming data and the board's view of the outlook for inflation and the labor market. The committee reiterated that it was committed 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 and its effect on prices of energy and commodities. The board increased the interest rate on Exchange Settlement balances by 50 bps to 0.75%.. source: Reserve Bank of Australia
Interest Rate in Australia averaged 3.88 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 June of 2022.
Interest Rate in Australia is expected to be 0.85 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 4.40 percent in 2023 and 4.00 percent in 2024, according to our econometric models.