Australia Interest Rate  1990-2016 | Data | Chart | Calendar | Forecast

Members of the Reserve Bank of Australia had discussed during the meeting held on May 3rd the merits of adjusting policy or awaiting further information, the central bank Meeting Minutes showed. In the end, policymakers decided to lower the cash rate by 25 basis points to a fresh record low of 1.75 percent. In coming to their policy decision, members noted that developments over recent months had not led to a material change in the outlook for economic activity or the unemployment rate, but the outlook for inflation had been revised lower. Interest Rate in Australia averaged 4.92 percent from 1990 until 2016, reaching an all time high of 17.50 percent in January of 1990 and a record low of 1.75 percent in May of 2016. Interest Rate in Australia is reported by the Reserve Bank of Australia.

Australia Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
1.75 2.00 17.50 1.75 1990 - 2016 percent Daily
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 May of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-03-01 03:30 AM RBA Interest Rate Decision 2% 2% 2% 2%
2016-04-05 04:30 AM RBA Interest Rate Decision 2% 2% 2% 2%
2016-05-03 04:30 AM RBA Interest Rate Decision 1.75% 2% 2% 2%
2016-06-07 04:30 AM RBA Interest Rate Decision 1.75% 1.75%
2016-06-16 01:30 AM RBA Bulletin
2016-06-16 01:30 AM RBA Meeting's Minutes

Australia Cuts Cash Rate to Fresh Record Low of 1.75%


The Reserve Bank of Australia decided to lower the cash rate by 25 basis points to a fresh record low of 1.75 percent during the meeting held on May 3rd, effective 4th May 2016. While highlighting a lower outlook for inflation, policymakers judged that prospects for sustainable growth in the economy, with consumer prices returning to target over time, would be improved by easing monetary policy.

Excerpt from the statement by Glenn Stevens, Governor:

In Australia, the available information suggests that the economy is continuing to rebalance following the mining investment boom. GDP growth picked up over 2015, particularly in the second half of the year, and the labour market improved. Indications are that growth is continuing in 2016, though probably at a more moderate pace. Labour market indicators have been more mixed of late.

Inflation has been quite low for some time and recent data were unexpectedly low. While the quarterly data contain some temporary factors, these results, together with ongoing very subdued growth in labour costs and very low cost pressures elsewhere in the world, point to a lower outlook for inflation than previously forecast.

Monetary policy has been accommodative for quite some time. Low interest rates have been supporting demand and the lower exchange rate overall has helped the traded sector. Credit growth to households continues at a moderate pace, while that to businesses has picked up over the past year or so. These factors are all assisting the economy to make the necessary economic adjustments, though an appreciating exchange rate could complicate this.

In reaching today's decision, the Board took careful note of developments in the housing market, where indications are that the effects of supervisory measures are strengthening lending standards and that price pressures have tended to abate. At present, the potential risks of lower interest rates in this area are less than they were a year ago.

Taking all these considerations into account, the Board judged that prospects for sustainable growth in the economy, with inflation returning to target over time, would be improved by easing monetary policy at this meeting.

RBA l Rida Husna | rida@tradingeconomics.com
5/3/2016 7:51:39 AM

Australia Money Last Previous Highest Lowest Unit
Interest Rate 1.75 2.00 17.50 1.75 percent [+]
Interbank Rate 2.27 2.45 18.18 2.27 percent [+]
Money Supply M0 98.79 97.83 100.60 4.09 AUD Billion [+]
Money Supply M1 322.77 323.32 323.32 8.25 AUD Billion [+]
Money Supply M3 1872.31 1859.81 1872.31 10.19 AUD Billion [+]
Banks Balance Sheet 3983.57 3906.01 3983.57 322.96 AUD Billion [+]
Central Bank Balance Sheet 185987.00 174759.00 185987.00 30418.00 AUD Million [+]
Foreign Exchange Reserves 65719.00 64339.00 84610.00 1126.00 AUD Million [+]
Loans to Private Sector 845.99 843.54 845.99 20.21 AUD Billion [+]
Deposit Interest Rate 2.30 2.90 15.69 2.30 percent [+]




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