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The Reserve Bank is currently governed by the Reserve Bank Act 1959. [4] Section 10(2), commonly referred to as the Bank's charter, states that Bank's duty is "to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia" to be achieved by exercising its powers "to contribute to:
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.
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.
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Reserve Bank of Australia: AUD at par Kuwait: Kuwaiti dinar: Central Bank of Kuwait: 1 USD = 0.29963 KWD Kyrgyzstan: Kyrgyzstani som: National Bank of the Kyrgyz Republic Laos: Lao kip: Lao People's Democratic Republic Lebanon: Lebanese pound: Banque du Liban: 1 USD = 1507.5 LBP Macao: Macanese pataca: Monetary Authority of Macau: 1 HKD = 1.03 ...
Country or 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
Inflation has typically been between 2 and 3% and the pre-GFC cash rate typically ranged between 5 and 7%, however, partly in response to the end of the mining boom the cash rate has recently been steadily falling, dropping from 4.75% in October 2011 to 1.5% in Aug 2016, then to 1.25% in June 2019 and 1.0% in July 2019. [78]