How often does RBA meet?
11 times a year
The RBA’s monetary policy meeting is a board meeting held 11 times a year on the first Tuesday of every month, except January. The RBA meets to discuss and set the ‘cash rate’ – Australia’s benchmark interest rate.
Does the RBA meet in January?
The Reserve Bank Board normally meets eleven times each year, on the first Tuesday of each month, except January.
Are interest rates going up in Australia?
Interest rates could begin to rise in the coming months after inflation in the December quarter exceeded expectations. The Reserve Bank has been more. Consumer price growth for the year rose to 3.5 per cent in 2021, up from 3 per cent to September.
How does the monetary policy work?
How does monetary policy work? In the broadest terms, monetary policy works by spurring or restraining growth of overall demand for goods and services in the economy. When overall demand slows relative to the economy’s capacity to produce goods and services, unemployment tends to rise and inflation tends to decline.
Why is Australia’s cash rate so low?
In Australia, one of the shorter-term domestic factors is weak consumption growth which has largely been driven by very weak wages growth. When growth in the economy is weak, this typically means that inflationary pressures are low and therefore interest rates need to be lowered.
What time is RBA meeting today?
Monetary Policy Decisions – 2021 Since March 2020, the Reserve Bank has also set a target for the yield on 3-year Australian Government bonds. Decisions regarding monetary policy are made by the Reserve Bank Board and explained in a media release announcing the decision at 2.30 pm after each Board meeting.
What time are RBA minutes released?
Data produced by the Reserve Bank will generally be available at 11.30 am, released in accordance with a published schedule. Data produced by other organisations will generally be updated on this website at 11.30 am one day after their release.
Will the RBA increase interest rates?
It is expecting the cash rate to rise from 0.1 per cent to a peak of 1.75 per cent. If commercial banks followed those moves, someone with a $500,000 mortgage would see their repayments rise by $427 a month by March 2024.