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The official cash rate (OCR) is the term used in Australia and New Zealand for the bank rate and is the rate of interest which the central bank charges on overnight loans between commercial banks. This allows the Reserve Bank of Australia and the Reserve Bank of New Zealand to adjust the interest rates that apply in each country's economy.
The bank's main policy role is to control inflation levels within a target range of 2–3%, by controlling the unemployment rate according to the 'non-accelerating inflation rate of unemployment' by controlling the official cash rate. The NAIRU was implemented in most western nations after 1975, and has been maintained at a target of 5–6% ...
The Reserve Bank of Australia has hiked the cash rate 12 times from a record-low of 0.1% in May last year — as the board has attempted to rein in inflation — to a target range between 2% and 3%.
Australia’s central bank lifted its benchmark interest rate Tuesday for the first time since June with a quarter percentage point hike that brought the cash rate to a 12-year high of 4.35%. The ...
Wrapping up its October policy meeting, the Reserve Bank of Australia (RBA) raised its cash rate to a nine-year peak of 2.60%, the sixth hike in as many months which included four outsized moves ...
currency union Central bank interest rate (%) Change Effective date of last change Average inflation rate 2017–2021 (%) by WB and IMF [1] [2] as in the List Central bank interest rate minus average inflation rate (2017–2021) Afghanistan: 6.00 3.00: 24 July 2021 [3] 3.38 2.62 Albania: 2.75 0.25: 6 November 2024 [4] 1.78 0.97 Algeria: 3.00 0. ...
Australia International Radio is officially launched. [citation needed] 7 November — The Reserve Bank of Australia lifts the official cash rate to 4.35% - the highest level since November 2011. [295] Prime Minister Anthony Albanese arrives in the Cook Islands for the Pacific Islands Forum. [296] [297] 8 November —
The Australian dollar (sign: $; code: AUD; also abbreviated A$ or sometimes AU$ to distinguish it from other dollar-denominated currencies; [2] [3] and also referred to as the dollar or Aussie dollar) is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu.