A comparison of the Australian target cash rate and the overnight interbank lending rate shows that, after around a decade of being identical, the economic impact of the coronavirus (COVID-19) pandemic led to the actual overnight lending rate being lower than the Reserve Bank of Australia's target rate. This means that banks are lending to each other at lower rates than the "official" interest rate. One reason for this is the that the Reserve bank has made money available to banks in several new ways over this period (such as repo agreements where banks can pledge assets for short term funds), increasing liquidity in the banking system. As of May 2024, the overnight interbank cash rate and the target cash rate stood at **** and **** percent, respectively.

Interbank Rate in Australia decreased to 3.84 percent in June from 4 percent in May of 2025. This dataset provides - Australia Three Month Interbank Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The benchmark interest rate in Australia was last recorded at 3.85 percent. This dataset provides - Australia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This report analyses the Australian cash rate target. The cash rate is the interest rate that authorised deposit-taking institutions pay or charge for overnight funds. The cash rate target is controlled by the Reserve Bank of Australia (RBA) and is the main monetary policy tool of the RBA in signalling their stance and decision of easing or tightening policy. The RBA board meets on the first Tuesday of every month and decides whether to change the cash rate and by how much. Changes to the cash rate tend to be made in 25 basis point increments. The main objectives for the bank when adjusting the rate are to keep inflation within the target of 2-3%, maintain full employment and ensure the economic prosperity and welfare of Australians. The data for this report is sourced from the RBA and is presented as the average cash rate over each financial year.

‘System cash position’ is an estimate of the change in the aggregate level of Exchange Settlement (ES) balances at the RBA, prior to the RBA’s open market operations on that day. A negative value …Show full description‘System cash position’ is an estimate of the change in the aggregate level of Exchange Settlement (ES) balances at the RBA, prior to the RBA’s open market operations on that day. A negative value indicates a projected fall in the level of ES balances, while a positive value indicates a projected rise. The estimate is based on information about settlements arising from transactions by the RBA’s clients, including the Australian Government, as well as the RBA’s own transactions, and is announced at 9:30 am each trading day. ‘Outright transactions’ is the cash value of purchases and sales, conducted as part of the Bank’s open market operations, of securities issued by the Australian Government and State and Territory central borrowing authorities with remaining terms to maturity up to around 18 months. A positive value indicates the RBA has purchased securities while a negative value indicates the RBA has sold securities. ‘Foreign exchange swaps’ is the aggregate value of the first leg of foreign exchange swaps transacted for same-day value specifically for domestic liquidity management purposes. A positive value indicates the RBA has sold Australian dollars for foreign currency while a negative value indicates the RBA has purchased Australian dollars. The value of the second leg of a foreign exchange swap is captured in the ‘System cash position’ on the unwind date. ‘Repurchase agreements (RPs)’ is the amount of the first leg of securities bought/sold by the RBA under repurchase agreement (RP). 'General Collateral' refers to eligible eligible securities issued by the Australian Government, State and Territory governments, supranational institutions, foreign governments and government agencies as well as eligible securities with a sovereign government guarantee. ‘Private securities’ covers all other eligible collateral, including ADI-issued securities (eligible bank-issued discount securities and certificates of deposit with 12 months or less to maturity and bonds issued by ADIs), asset-backed securities (eligible residential mortgage-backed securities and asset-backed commercial paper) and eligible commercial paper. A positive value indicates the RBA has purchased securities under RPs while a negative value indicates the RBA has sold securities under RPs. It does not include RPs which are transacted through the RBA’s overnight RP facility. The value of the second leg of all RPs is captured in the ‘System cash position’ on the respective value dates. ‘Exchange Settlement account balances (end day)’ is the aggregate of all ES balances held at the RBA at the close of business. Unexpected movements in ES balances and overnight RPs transacted through the RBA’s overnight RP facility mean that ‘Exchange Settlement account balances (end day)’ will not necessarily be the sum of the previous day’s ‘Exchange Settlement account balances (end day)’, the ‘System cash position’ and the total of ‘Open market operations’ transacted. ‘Overnight repurchase agreements with RBA’ is the aggregate of the first leg of securities bought by the RBA through the overnight RP facility. These data are updated with a one month lag. Outright Transaction Details The 'Outright Transactions Details' sheet provides further information on the outright purchases and sales of Bonds and Discount Securities issued by the Australian Commonwealth, State & Territory Governments, conducted as part of the Bank's open market operations. “Issuer” is the acronym of the issuer of the bond/security. A positive “Face value dealt” indicates a purchase while a negative value indicates a sale. 'Weighted average rate' is the average of the rates dealt for each bond/security, weighted by the amount transacted. 'Cut-off rate' is the lowest yield accepted. Repo Details The Repo Details sheets provide a summary of the type of securities delivered to/by the RBA under RP at each term dealt through the open market operations. 'Govt and Quasi-Govt Repo Details' covers repo against General Collateral (eligible securities issued by the Australian Government, State and Territory governments, supranational institutions, foreign governments and government agencies as well as eligible securities with a sovereign government guarantee). ‘Private securities’ covers all other eligible collateral, including ADI-issued securities (eligible bank-issued discount securities and certificates of deposit with 12 months or less to maturity and bonds issued by ADIs), asset-backed securities (eligible residential mortgage-backed securities and asset-backed commercial paper) and eligible commercial paper. 'Term' is the number of days dealt in open market operations. 'Value Dealt' is the amount of the first leg of securities bought/sold by the RBA under RP. Weighted average rate' is the is the average of the rates on RPs dealt by the RBA through open market operations, weighted by the amount transacted. 'Cut-off rate' is the lowest rate dealt by the RBA through open market operations for each term dealt. Repo Unwinds The Repos Unwinds sheet provides a summary of the value of repurchase agreements due to unwind in the future, for both General Collateral and Private Securities. The unwind amount is equal to the sum of the total value dealt to that date plus accrued interest.

The benchmark interest rate in New Zealand was last recorded at 3.25 percent. This dataset provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.