A comparison of the Australian target cash rate and the overnight interbank lending rate shows that, after around a decade of being identical, the economic impact of the coronavirus (COVID-19) pandemic led to the actual overnight lending rate being lower than the Reserve Bank of Australia's target rate. This means that banks are lending to each other at lower rates than the "official" interest rate. One reason for this is the that the Reserve bank has made money available to banks in several new ways over this period (such as repo agreements where banks can pledge assets for short term funds), increasing liquidity in the banking system.
Comparison of the overnight interbank cash rate against the target cash rate in Australia from 2010 to 2022
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Reserve Bank of Australia. (May 4, 2022). Comparison of the overnight interbank cash rate against the target cash rate in Australia from 2010 to 2022 [Graph]. In Statista. Retrieved May 15, 2024, from https://www.statista.com/statistics/1275530/overnight-interbank-cash-rate-vs-target-cash-rate-australia/
Reserve Bank of Australia. "Comparison of the overnight interbank cash rate against the target cash rate in Australia from 2010 to 2022." Chart. May 4, 2022. Statista. Accessed May 15, 2024. https://www.statista.com/statistics/1275530/overnight-interbank-cash-rate-vs-target-cash-rate-australia/
Reserve Bank of Australia. (2022). Comparison of the overnight interbank cash rate against the target cash rate in Australia from 2010 to 2022. Statista. Statista Inc.. Accessed: May 15, 2024. https://www.statista.com/statistics/1275530/overnight-interbank-cash-rate-vs-target-cash-rate-australia/
Reserve Bank of Australia. "Comparison of The Overnight Interbank Cash Rate against The Target Cash Rate in Australia from 2010 to 2022." Statista, Statista Inc., 4 May 2022, https://www.statista.com/statistics/1275530/overnight-interbank-cash-rate-vs-target-cash-rate-australia/
Reserve Bank of Australia, Comparison of the overnight interbank cash rate against the target cash rate in Australia from 2010 to 2022 Statista, https://www.statista.com/statistics/1275530/overnight-interbank-cash-rate-vs-target-cash-rate-australia/ (last visited May 15, 2024)
Comparison of the overnight interbank cash rate against the target cash rate in Australia from 2010 to 2022 [Graph], Reserve Bank of Australia, May 4, 2022. [Online]. Available: https://www.statista.com/statistics/1275530/overnight-interbank-cash-rate-vs-target-cash-rate-australia/