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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 ...
Governors of the Reserve Bank of Australia: 1 H. C. Coombs: January 1960 July 1968 [9] [14] 2 Sir John Phillips: KBE: July 1968 July 1975 [9] [15] 3 Sir Harold Knight: KBE, DSC: July 1975 August 1982 [9] 4 Bob Johnston: AC: August 1982 July 1989 [9] 5 Bernie Fraser: September 1989 September 1996 [9] 6 Ian Macfarlane: AC: September 1996 ...
Lowe has attracted controversies for a number of his comments during his tenure as Governor of the Reserve Bank of Australia. At the Australian Financial Review business summit in 2021, Lowe indicated that the RBA would not raise the Official cash rate until 2024 but this decision was changed in May 2022 when the cash rate target was raised by ...
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In Australia, the Reserve Bank of Australia sets the bank rate, known as the official cash rate. [4] Until 2024, the board would meet eleven times per year to review and set the cash rate. In 2023, it was announced that the board would meet only eight times, excluding the months of April, July, and October from its meeting schedule.
The central bank is the Reserve Bank of Australia (RBA). Since 2008 the Australian government has guaranteed deposits up to $250,000 per customer per institution against banking failure. Since 2008 the Australian government has guaranteed deposits up to $250,000 per customer per institution against banking failure.
The Reserve Bank of Australia cuts the official cash rate for the first time since August 2013 by one quarter of a per cent to 2.25 per cent—an historic low—in an attempt to stimulate the economy amid concerns over a sharp fall in oil prices, rising unemployment and low consumer confidence. [11]
7 June – The Reserve Bank of Australia decides to lower the official cash rate to 2.75 per cent – its lowest level in more than 50 years. [17] 8 June – The Queensland Government signs up to the National Disability Insurance Scheme.