The Reserve Bank of Australia left its cash rate unchanged at a record low of 0.1% during its May meeting, as widely expected. Policymakers reaffirmed their commitment to maintaining highly supportive monetary conditions until at least 2024 when actual inflation is within the 2 to 3% target. The board also remained committed to the 3-year government bond yield target of 10 bps. At its July meeting, it will consider whether to retain the April 2024 bond as the target bond or to shift to the next maturity. Meantime, a pick-up in inflation and wage growth is expected, but it is likely to be only gradual. CPI inflation is projected to rise temporarily to be above 3% in Q2, on a reversal of some COVID-19-related price reductions. Regarding the GDP, the RBA's scenario has been revised up further, with the growth of 4¾% expected in 2021 and 3½% in 2022, as business investment picked up and household spending strengthened. source: Reserve Bank of Australia
Interest Rate in Australia averaged 4.05 percent from 1990 until 2021, reaching an all time high of 17.50 percent in January of 1990 and a record low of 0.10 percent in November 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 2021.
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 0.10 percent in 2022, according to our econometric models.