|Adjustments||Not Seasonally Adjusted|
|Data||21 Jan 2021||0.1|
|20 Jan 2021||0.1|
|Monetary Policy Rate||21 Jan 2021||0.1||0.1||Percent, NSA||Daily|
|Average Long-term Government Bond||20 Jan 2021||1.05||1.06||%, NSA||Business Daily|
|Money Market Rate||20 Jan 2021||0.03||0.03||Percent, NSA||Business Daily|
|Stock Market Index||20 Jan 2021||7,051||7,015||Index, NSA||Daily|
|Lending Rate||Nov 2019||4.8||4.8||% p.a., NSA||Monthly|
The Reserve Bank of Australia is responsible for formulating and implementing monetary policy. Monetary policy decisions involve setting the interest rate on overnight loans in the money market. Other interest rates in the economy are influenced by this interest rate to varying degrees, so that the behaviour of borrowers and lenders in the financial markets is affected by monetary policy (though not only by monetary policy).
The formulation of monetary policy is the primary responsibility of the Reserve Bank Board. The Board usually meets eleven times each year, on the first Tuesday of the month except in January. Hence, the dates of meetings are well known in advance. For each meeting, the Bank's staff prepare a detailed account of developments in the Australian and international economies, and in domestic and international financial markets.
The cash rate is determined in the money market as a result of the interaction of demand for and supply of overnight funds. The Reserve Bank's ability to pursue successfully a target for the cash rate stems from its control over the supply of funds which banks use to settle transactions among themselves. These are called exchange settlement funds, after the accounts at the Reserve Bank in which banks hold these funds
Data is usually not revised.