Interest rates and yields – money market [F1.1]

Updated on DBnomics on January 3, 2023 (1:53 AM)

Notes

• F1.1 INTEREST RATES AND YIELDS – MONEY MARKET
• The 'Target cash rate' is set by the Reserve Bank's Board at each Board meeting. From January 1990 the Bank commenced announcing an explicit target to the market.
• The ‘Interbank Overnight Cash Rate' is a weighted average interest rate on overnight unsecured loans between banks in the Australian dollar market (the ‘Cash Market’). From 9 May 2016 the Cash Rate is calculated from transactions settled in the Reserve Bank Information Transfer System (RITS). For more details, see the Cash Rate Procedures Manual <http://www.rba.gov.au/mkt-operations/resources/cash-rate-methodology/cash-rate-procedures-manual.html>. From July 1998 until 6 May 2016, the Cash Rate is the weighted average of the interest rates at which banks borrowed and lent exchange settlement funds overnight, calculated from a survey of Cash Market participants. The 11am call rate is used prior to July 1998.
• The “highest” interbank overnight Cash Rate represents the highest rate for a transaction in the Cash Market. The “lowest” rate refers to the lowest rate for a transaction in the Cash Market. Prior to 9 May 2016, the series contain the highest and lowest weighted average rate reported by a bank transacting in the Cash Market.
• Volume represents the value of Cash Market transactions settled in the Cash Market. From 9 May 2016, this is calculated from transactions settled in the Reserve Bank Information Transfer System (RITS). Prior to 9 May 2016, the volume is the average of the total unsecured funds borrowed and lent in the interbank market for overnight terms, calculated from a survey of Cash Market participants.
• ‘Bank accepted bills/Negotiable Certificates of Deposit’ are estimated end of day bank bill rates sourced from ASX. DISCLAIMER: End of Day data is part of the ASX Benchmark Data which is proprietary to the ASX Group. All rights are reserved. If you are an existing subscriber of ASX Benchmark Data, any use and reliance on this information is governed by the terms and conditions of your ASX Benchmark Data Subscriber Agreement. To the fullest extent permitted by law, all published ASX Benchmark Data is provided 'as is' and you may not rely on it as being accurate, timely, comprehensive or fit for a particular purpose. Prior to January 2017, this series was sourced from AFMA. Prior to March 1995 estimated midday yields are shown.
• ‘Overnight indexed swaps’ are closing market rates. Prior to April 2021, this series was sourced from Tullett Prebon (Australia) Pty Ltd.
• Treasury notes' are closing yields based on a survey of the market which ceased on 20 May 2013. There were no Treasury note yields between May 2002 and March 2009.
• All monthly figures are an average of daily figures for the month.

Dimension codes and labels

[FREQ] Frequency

• [M] Monthly

[units] Units

• [m] $m
• [number] Number
• [per-cent] Per cent

Technical links

• Provider source data (Git repository)
• Provider in DBnomics format (Git repository)
• Dataset in DBnomics format (Git repository)