The Reserve Bank of Australia is Australia’s central bank. Its duty is to contribute to the maintenance of price stability, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet a medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation’s banknotes.
Monetary policy decisions are expressed in terms of a target for the cash rate, which is the overnight money market interest rate. The interest rate on a standard variable home loan is one of the most quoted prices for bank products. The Reserve Bank of Australia release data on a monthly basis, showing the average monthly interest rate on a standard variable home loan.
Key Features and Coverage on RIMES
For this data source, RIMES hosts 2 indices and 2 money markets; including:
- Reserve Bank of Australia Cash Rate Target
- Standard Variable Housing Loans Rates from Banks
