The Reserve Bank of Australia raised the cash rate by 50 bps to 1.35% during its July 2022 meeting. The move followed June's 50-bps hike and a 25-bps increase in May, bringing the cash rate to a level not seen since May 2019. The board reiterated huge monetary support was no longer needed due to the strength of the economy and the current inflation pressures, adding that it was committing to take further tightening with the size and timing being guided by the incoming data. The central bank also viewed that the labor market stayed strong, as employment remained at its lowest in near 50 years while a further drop in unemployment is expected ahead. The committee 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 and its effect on prices of energy and commodities. The board increased the interest rate on Exchange Settlement balances by 50 bps to 1.25%. source: Reserve Bank of Australia
Interest Rate in Australia averaged 3.87 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 July of 2022.
Interest Rate in Australia is expected to be 2.40 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.