The Reserve Bank of Australia left the cash rate unchanged at a record low of 0.25% during its May meeting. Policymakers noted that the economy is going through a difficult period, and projected that output will likely shrink by around 10% over the H1 and by 6% over the year as a whole. The Committee also kept its yield objective unchanged as the functioning of the bond markets has improved. Policymakers said that since launching QE, the bank has purchased around AUD 50.7 billion of securities and is prepared to scale-up purchases again to ensure bond markets remain functional. The Committee projected that the unemployment rate will peak at around 10% over the next months and remains above 7% at the end of next year. Policymakers added that it will maintain its efforts to keep funding costs low and credit available. The board reiterated that it will not increase the cash rate target until progress is being made towards full employment.

Interest Rate in Australia averaged 4.23 percent from 1990 until 2020, reaching an all time high of 17.50 percent in January of 1990 and a record low of 0.25 percent in March of 2020. This page provides - Australia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Reserve Bank of Australia

Interest Rate in Australia is expected to be 0.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Australia to stand at 0.25 in 12 months time. In the long-term, the Australia Interest Rate is projected to trend around 0.50 percent in 2021 and 0.75 percent in 2022, according to our econometric models.

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Australia Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.25 0.25 17.50 0.25 1990 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-03-03 03:30 AM RBA Interest Rate Decision 0.5% 0.75% 0.75% 0.75%
2020-03-19 03:30 AM RBA Interest Rate Decision 0.25% 0.5% 0.25%
2020-04-07 04:30 AM Interest Rate Decision 0.25% 0.25% 0.25%
2020-05-05 04:30 AM RBA Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2020-06-02 04:30 AM RBA Interest Rate Decision 0.25% 0.25% 0.25%
2020-06-03 01:30 AM RBA Chart Pack
2020-06-16 01:30 AM RBA Meeting Minutes
2020-06-18 01:30 AM RBA Bulletin
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Australia Faces Unprecedented Downturn
The Australian economy has been severely affected by the measures to contain the COVID-19 outbreak, with the GDP was expected to contract by around 10% over the first half of 2020, minutes of the Reserve Bank of Australia's latest meeting showed. Most of the contraction was expected to occur in Q2, although a decline in travel service exports and some domestic spending had weighed on activity in Q, it added. "An economic contraction of such speed and magnitude would be unprecedented in the 60-year history of Australia's quarterly national accounts." Meantime, the virus restrictions were expected to have a very large effect on prices in Q2, with headline CPI was expected to fall by around 2-1/4% in Q2, driven by a fall in petrol prices and the removal of childcare fees.
2020-05-19
RBA Sees Economy Shrinking by 6% This Year as Virus Hits
The Reserve Bank of Australia (RBA) expects the Australian economy to shrink by 6% this year and unemployment to peak at 10%, amid lockdowns, school closures and other restrictions on activity due to the COVID-19 crisis, the central bank said in its quarterly monetary policy statement. During the first half of 2020, the economy would contract by 10%, the first recession in three decades, it added. The central bank reiterated that the board was committed to do what it can to support jobs, incomes and businesses as the government finalises plans to fully restart the economy by July. The board also repeated that it will not increase the cash rate target until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2–3% target.
2020-05-08
Australia Holds Rates
The Reserve Bank of Australia left the cash rate unchanged at a record low of 0.25% during its May meeting. Policymakers noted that the economy is going through a difficult period, and projected that output will likely shrink by around 10% over the H1 and by 6% over the year as a whole. The Committee also kept its yield objective unchanged as the functioning of the bond markets has improved. Policymakers said that since launching QE, the bank has purchased around AUD 50.7 billion of securities and is prepared to scale-up purchases again to ensure bond markets remain functional. The Committee projected that the unemployment rate will peak at around 10% over the next months and remains above 7% at the end of next year. Policymakers added that it will maintain its efforts to keep funding costs low and credit available. The board reiterated that it will not increase the cash rate target until progress is being made towards full employment.
2020-05-05
Australia's Economy to Shrink by 10% in H1 2020
Australia's economy is likely to contract by around 10 percent over the first half of 2020, with most of this decline taking place in the June quarter, reflecting severe hit caused by the COVID-19 outbreak, the Reserve Bank of Australia (RBA) Governor Philip Lowe said in a speech. Meantime, the jobless rate is likely to be around 10 percent by June, but it could be lower if businesses are able to retain their employees on lower hours. "These are all very large numbers and ones that were inconceivable just a few months ago. They speak to the immense challenge faced by our society to contain the virus."
2020-04-21

Australia Interest Rate
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.