Australia Interest Rate  1990-2017 | Data | Chart | Calendar | Forecast

The Reserve Bank of Australia held the cash rate steady at a record low of 1.5 percent during the meeting held on April 4th, as widely expected. While saying domestic economy is continuing its transition following the mining investment boom, policymakers judged recent data are consistent with ongoing moderate growth. Interest Rate in Australia averaged 4.75 percent from 1990 until 2017, reaching an all time high of 17.50 percent in January of 1990 and a record low of 1.50 percent in August of 2016.

Australia Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2017-02-07 03:30 AM RBA Interest Rate Decision 1.5% 1.5% 1.5% 1.5%
2017-03-07 03:30 AM RBA Interest Rate Decision 1.5% 1.5% 1.5% 1.5%
2017-04-04 04:30 AM RBA Interest Rate Decision 1.5% 1.5% 1.5% 1.5%
2017-05-02 04:30 AM RBA Interest Rate Decision 1.5% 1.5%
2017-05-05 01:30 AM RBA Monetary Policy Statement
2017-05-16 01:30 AM RBA Meeting Minutes




Australia Keeps Cash Rate Steady At 1.5%


The Reserve Bank of Australia held the cash rate steady at a record low of 1.5 percent during the meeting held on April 4th, as widely expected. While saying domestic economy is continuing its transition following the mining investment boom, policymakers judged recent data are consistent with ongoing moderate growth.

Excerpt from the statement by the governor, Philip Lowe:

In Australia, most measures of business confidence are at, or above, average and non-mining business investment has risen over the past year. At the same time, some indicators of conditions in the labour market have softened recently. In particular, the unemployment rate has moved a little higher and employment growth is modest. The various forward-looking indicators still point to continued growth in employment over the period ahead. Wage growth remains slow.

The outlook continues to be supported by the low level of interest rates. Lenders have recently announced increases in mortgage rates, particularly those paid by investors. Financial institutions remain in a good position to lend. The depreciation of the exchange rate since 2013 has also assisted the economy in its transition following the mining investment boom. An appreciating exchange rate would complicate this adjustment.

Inflation remains quite low. Headline inflation is expected to pick up over the course of 2017 to be above 2 per cent. The rise in underlying inflation is expected to be a bit more gradual with growth in labour costs remaining subdued.

Conditions in the housing market continue to vary considerably around the country. In some markets, conditions are strong and prices are rising briskly. In other markets, prices are declining. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. Growth in rents is the slowest for two decades.

Growth in household borrowing, largely to purchase housing, continues to outpace growth in household income. By reinforcing strong lending standards, the recently announced supervisory measures should help address the risks associated with high and rising levels of indebtedness. Lenders need to ensure that the serviceability metrics that they use are appropriate for current conditions. A reduced reliance on interest-only housing loans in the Australian market would also be a positive development.

Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.



RBA l Rida Husna | rida@tradingeconomics.com
4/4/2017 4:47:11 AM



Australia Money Last Previous Highest Lowest Unit
Interest Rate 1.50 1.50 17.50 1.50 percent [+]
Interbank Rate 2.11 2.09 18.18 2.04 percent [+]
Money Supply M0 105.33 102.45 105.33 4.09 AUD Billion [+]
Money Supply M1 342.29 342.07 342.29 8.25 AUD Billion [+]
Money Supply M3 1983.81 1975.06 1983.81 10.19 AUD Billion [+]
Banks Balance Sheet 4167.98 4098.68 4167.98 322.96 AUD Billion [+]
Central Bank Balance Sheet 180222.00 178485.00 190286.00 30418.00 AUD Million [+]
Foreign Exchange Reserves 79965.00 66800.00 84610.00 1126.00 AUD Million [+]
Loans to Private Sector 877.65 875.90 878.78 20.21 AUD Billion [+]
Deposit Interest Rate 2.10 2.30 15.69 2.10 percent [+]
Private Debt to GDP 222.38 211.53 222.38 126.70 percent [+]


Australia Interest Rate Notes

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. This page provides - Australia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Interest Rate - actual data, historical chart and calendar of releases - was last updated on April of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.50 17.50 1.50 1990 - 2017 percent Daily



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