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

The Reserve Bank of Australia, as expected, held the cash rate steady at 1.5 percent during its monetary policy meeting held on October 4th. The board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time, it said on its website. "Inflation remains quite low. Given very subdued growth in labour costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time," it added. Interest Rate in Australia averaged 4.84 percent from 1990 until 2016, 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. Interest Rate in Australia is reported by the Reserve Bank of Australia.

Australia Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-08-02 04:30 AM RBA Interest Rate Decision 1.5% 1.75% 1.5% 1.5%
2016-09-06 04:30 AM RBA Interest Rate Decision 1.5% 1.5% 1.5% 1.5%
2016-10-04 03:30 AM RBA Interest Rate Decision 1.5% 1.5% 1.5% 1.5%
2016-11-01 03:30 AM RBA Interest Rate Decision 1.5% 1.5%
2016-11-06 12:30 AM Statement on Monetary Policy
2016-11-17 12:30 AM RBA Meeting Minutes

Australia Holds Cash Rate Steady at 1.5%

The Reserve Bank of Australia left the cash rate unchanged at a record low of 1.5 percent during the meeting held on October 4th, as expected. While saying low interest rates have been supporting domestic demand, policymakers judged the economy is continuing to grow at a moderate pace.

Excerpt from the statement by the new governor, Philip Lowe:

In Australia's economy, the large decline in mining investment is being offset by growth in other areas, including residential construction, public demand and exports. Household consumption has been growing at a reasonable pace, but appears to have slowed a little recently. Measures of household and business sentiment remain above average.

Labour market indicators have been somewhat mixed. The unemployment rate has fallen further, although there is considerable variation in employment growth across the country. Part-time employment has been growing strongly, while growth in full-time employment has been subdued. The forward-looking indicators point to continued expansion in employment in the near term.

Inflation remains quite low. Given very subdued growth in labour costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time.

Low interest rates have been supporting domestic demand and the lower exchange rate since 2013 has been helping the traded sector. Financial institutions are in a position to lend for worthwhile purposes. These factors are all assisting the economy to make the necessary economic adjustments, though an appreciating exchange rate could complicate this.

Supervisory measures have strengthened lending standards in the housing market. Separately, a number of lenders are also taking a more cautious attitude to lending in certain segments. Growth in lending for housing has slowed over the past year. Turnover in the housing market has declined. The rate of increase in housing prices is lower than it was a year ago, although some markets have strengthened recently. Considerable supply of apartments is scheduled to come on stream over the next couple of years, particularly in the eastern capital cities. Growth in rents is the slowest for some decades.

Taking account of the available information, and having eased monetary policy at its May and August meetings, the Board judged that holding the stance of 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 |
10/4/2016 4:22:03 AM

Australia Money Last Previous Highest Lowest Unit
Interest Rate 1.50 1.50 17.50 1.50 percent [+]
Interbank Rate 2.17 2.04 18.18 2.04 percent [+]
Money Supply M0 98.96 98.58 100.60 4.09 AUD Billion [+]
Money Supply M1 331.11 331.22 331.22 8.25 AUD Billion [+]
Money Supply M3 1919.41 1908.71 1919.41 10.19 AUD Billion [+]
Banks Balance Sheet 4116.26 3983.57 4116.26 322.96 AUD Billion [+]
Central Bank Balance Sheet 156284.00 153642.00 190286.00 30418.00 AUD Million [+]
Foreign Exchange Reserves 65826.00 62971.00 84610.00 1126.00 AUD Million [+]
Loans to Private Sector 857.19 857.49 857.49 20.21 AUD Billion [+]
Deposit Interest Rate 2.30 2.90 15.69 2.30 percent [+]
Private Debt to GDP 224.68 214.53 224.68 126.70 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 October of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.50 17.50 1.50 1990 - 2016 percent Daily

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