The Reserve Bank of Australia left the cash rate unchanged at a record low of 0.25 percent during its October meeting, as widely expected. Policymakers reiterated their commitment to do what it can to support jobs, incomes, and businesses in Australia. Its actions, including last month's decision to expand the Term Funding Facility to around AUD 200 billion at a fixed rate of 25 bps for three years, are keeping funding costs low. The Committee said that the national recovery is likely to be bumpy and uneven and it will be some time before the level of output returns to its end 2019 level. The board added that it continues to consider how additional monetary easing could support jobs as the economy opens up further. Policymakers reaffirmed its views to maintain highly accommodative policy settings as long as is required and 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%. source: Reserve Bank of Australia
Interest Rate in Australia averaged 4.16 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 October of 2020.
Interest Rate in Australia is expected to be 0.10 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 0.10 in 12 months time. In the long-term, the Australia Interest Rate is projected to trend around 0.25 percent in 2021 and 0.50 percent in 2022, according to our econometric models.