Australia - Monetary Policy Rate

Australia: Monetary Policy Rate

Mnemonic IRMP.IAUS
Unit Percent, NSA
Adjustments Not Seasonally Adjusted
Data 20 Mar 2023 3.6
19 Mar 2023 3.6

Series Information

Source Reserve Bank of Australia (RBA)
Release Monetary Policy
Frequency Business Daily
Start Date 8/2/1990
End Date 3/20/2023

Australia: Markets

Reference Last Previous Units Frequency
Monetary Policy Rate 20 Mar 2023 3.6 3.6 Percent, NSA Daily
Average Long-term Government Bond 17 Mar 2023 3.39 3.33 %, NSA Business Daily
Money Market Rate 17 Mar 2023 3.57 3.57 Percent, NSA Business Daily
Stock Market Index 17 Mar 2023 7,188 7,152 Index, NSA Daily
Lending Rate Nov 2019 4.8 4.8 % p.a., NSA Monthly

Release Information

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.