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

The Reserve Bank of Australia left the cash rate unchanged at a record low of 2 percent during the meeting held on February 2nd, as expected. While judging that there were reasonable prospects for growth, policymakers saw continued low inflation may provide scope for easier policy, should that be appropriate to lend support to demand. Interest Rate in Australia averaged 4.98 percent from 1990 until 2016, reaching an all time high of 17.50 percent in January of 1990 and a record low of 2 percent in May of 2015. 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
2.00 2.00 17.50 2.00 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 February of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-11-03 03:30 AM RBA Interest Rate Decision 2.0% 2.0% 2% 2%
2015-12-01 03:30 AM RBA Interest Rate Decision 2% 2% 2% 2%
2016-02-02 03:30 AM RBA Interest Rate Decision 2% 2% 2% 2%
2016-02-11 11:30 PM RBA Gov Glenn Speech
2016-02-16 12:30 AM RBA Meeting's Minutes
2016-03-01 03:30 AM RBA Interest Rate Decision 2% 2%

Australia Holds Cash Rate Steady at 2%


The Reserve Bank of Australia left the cash rate unchanged at a record low of 2 percent during the meeting held on February 2nd, as expected. While judging there were reasonable prospects for growth, policymakers saw continued low inflation may provide scope for easier policy, should that be appropriate to lend support to demand.

Excerpt from the statement by Glenn Stevens, Governor:

The global economy is continuing to grow, though at a slightly lower pace than earlier expected. While several advanced economies have recorded improved growth over the past year, conditions have become more difficult for a number of emerging market economies. China's growth rate has continued to moderate.

Commodity prices have declined further, especially oil prices. This partly reflects slower growth in demand but also very substantial increases in supply over recent years. The decline in Australia's terms of trade, which began more than four years ago, has therefore continued.

Financial markets have once again exhibited heightened volatility recently, as participants grapple with uncertainty about the global economic outlook and diverging policy settings among the major jurisdictions. Appetite for risk has diminished somewhat and funding conditions for emerging market sovereigns and lesser-rated corporates have tightened. But funding costs for high-quality borrowers remain very low and, globally, monetary policy remains remarkably accommodative.

In Australia, the available information suggests that the expansion in the non-mining parts of the economy strengthened during 2015 even as the contraction in spending in mining investment continued. Surveys of business conditions moved to above average levels, employment growth picked up and the unemployment rate declined in the second half of the year, even though measured GDP growth was below average. The pace of lending to businesses also picked up.

Inflation continues to be quite low, with the CPI rising by 1.7 percent over 2015. This was partly caused by declining prices for oil and some utilities, but underlying measures of inflation are also low at about 2 percent. With growth in labour costs continuing to be quite subdued as well, and inflation restrained elsewhere in the world, consumer price inflation is likely to remain low over the next year or two.

Given these conditions, it is appropriate for monetary policy to be accommodative. Low interest rates are supporting demand, while regulatory measures are working to emphasise prudent lending standards and so to contain risks in the housing market. Credit growth to households continues at a moderate pace, albeit with a changed composition between investors and owner-occupiers. The pace of growth in dwelling prices has moderated in Melbourne and Sydney over recent months and has remained mostly subdued in other cities. The exchange rate has continued its adjustment to the evolving economic outlook.

At today's meeting, the Board judged that there were reasonable prospects for continued growth in the economy, with inflation close to target. The Board therefore decided that the current setting of monetary policy remained appropriate.

Over the period ahead, new information should allow the Board to judge whether the recent improvement in labour market conditions is continuing and whether the recent financial turbulence portends weaker global and domestic demand.

RBA l Rida Husna | rida@tradingeconomics.com
2/2/2016 10:16:35 AM

Australia Money Last Previous Highest Lowest Unit
Interest Rate 2.00 2.00 17.50 2.00 percent [+]
Interbank Rate 2.44 2.53 18.18 2.40 percent [+]
Money Supply M0 100.60 95.74 100.60 4.09 AUD Billion [+]
Money Supply M1 313835.00 320761.00 320761.00 8246.00 AUD Million [+]
Money Supply M3 1836.85 1836573.00 1836573.00 1836.85 AUD Million [+]
Banks Balance Sheet 3906.01 3931.28 3931.28 322.96 AUD Billion [+]
Central Bank Balance Sheet 149464.00 148292.00 167914.00 30418.00 AUD Million [+]
Foreign Exchange Reserves 61585.00 67440.00 84610.00 1126.00 AUD Million [+]
Loans to Private Sector 830.60 827143.00 827143.00 830.60 AUD Million [+]
Deposit Interest Rate 2.90 3.25 15.69 2.90 percent [+]




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