Reserve Bank of Australia Monetary Policy History
By Daniel Petrie -
2011-11-01T03:31:18Z
The following table is a historical summary of the Reserve Bank of Australia’s monetary policy decisions.
The RBA targets the cash rate, which is the overnight rate for money market interest rates.
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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11/01/2011 -0.25 4.50% 4.50% Expected Easing
10/04/2011 0.00 4.75% 4.75% Expected Maintain
09/06/2011 0.00 4.75% 4.75% Expected Maintain
08/02/2011 0.00 4.75% 4.75% Expected Maintain
07/05/2011 0.00 4.75% 4.75% Expected Maintain
06/07/2011 0.00 4.75% 4.75% Expected Maintain
05/03/2011 0.00 4.75% 4.75% Expected Maintain
04/05/2011 0.00 4.75% 4.75% Expected Maintain
03/01/2011 0.00 4.75% 4.75% Expected Maintain
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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02/01/2011 0.00 4.75% 4.75% Expected Maintain
12/07/2010 0.00 4.75% 4.75% Expected Maintain
11/02/2010 0.25 4.75% 4.50% Unexpected Tightening
10/05/2010 0.00 4.50% 4.75% Unexpected Maintain
09/07/2010 0.00 4.50% 4.50% Expected Maintain
08/03/2010 0.00 4.50% 4.75% Expected Maintain
07/06/2010 0.00 4.50% 4.50% Expected Maintain
06/01/2010 0.00 4.50% 4.50% Expected Maintain
05/04/2010 0.25 4.50% 4.50% Expected Tightening
04/06/2010 0.25 4.25% 4.25% Expected Tightening
03/02/2010 0.25 4.00% 4.00% Expected Tightening
02/02/2010 0.00 3.75% 4.00% Unexpected Maintain
12/01/2009 0.25 3.75% 3.75% Expected Tightening
11/03/2009 0.25 3.50% 3.50% Expected Tightening
10/06/2009 0.25 3.25% 3.00% Unexpected Tightening
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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09/01/2009 0.00 3.00% 3.00% Expected Maintain
08/04/2009 0.00 3.00% 3.00% Expected Maintain
07/07/2009 0.00 3.00% 3.00% Expected Maintain
06/02/2009 0.00 3.00% 3.00% Expected Maintain
05/05/2009 0.00 3.00% 3.00% Expected Maintain
04/07/2009 -0.25 3.00% 3.25% Unexpected Easing
03/03/2009 0.00 3.25% 3.00% Unexpected Maintain
02/03/2009 -1.00 3.25% 3.25% Expected Easing
12/02/2008 -1.00 4.25% 4.50% Unexpected Easing
11/04/2008 -0.75 5.25% 5.50% Unexpected Easing
10/07/2008 -1.00 6.00% 6.50% Unexpected Easing
09/02/2008 -0.25 7.00% 7.00% Expected Easing
08/05/2008 0.00 7.25% 7.25% Expected Maintain
07/01/2008 0.00 7.25% 7.25% Expected Maintain
06/03/2008 0.00 7.25% 7.25% Expected Maintain
05/06/2008 0.00 7.25% 7.25% Expected Maintain
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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04/01/2008 0.00 7.25% 7.25% Expected Maintain
03/04/2008 0.25 7.25% 7.25% Expected Tightening
02/05/2008 0.25 7.00% 7.00% Expected Tightening
12/05/2007 0.00 6.75% 6.75% Expected Maintain
11/07/2007 0.25 6.75% 6.75% Expected Tightening
10/03/2007 0.00 6.50% 6.50% Expected Maintain
09/05/2007 0.00 6.50% 6.50% Expected Maintain
08/08/2007 0.25 6.50% 6.50% Expected Tightening
07/04/2007 0.00 6.25% 6.25% Expected Maintain
06/06/2007 0.00 6.25% 6.25% Expected Maintain
05/02/2007 0.00 6.25% 6.25% Expected Maintain
04/04/2007 0.00 6.25% 6.25% Expected Maintain
03/07/2007 0.00 6.25% 6.25% Expected Maintain
02/07/2007 0.00 6.25% 6.25% Expected Maintain
12/06/2006 0.00 6.25% 6.25% Expected Maintain
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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11/08/2006 0.25 6.25% 6.25% Expected Tightening
10/04/2006 0.00 6.00% 6.00% Expected Maintain
09/06/2006 0.00 6.00% 6.00% Expected Maintain
08/02/2006 0.25 6.00% 6.00% Expected Tightening
07/05/2006 0.00 5.75% 5.75% Expected Maintain
06/07/2006 0.00 5.75% 5.75% Expected Maintain
05/03/2006 0.25 5.75% 5.50% Unexpected Tightening
04/05/2006 0.00 5.50% 5.50% Expected Maintain
03/08/2006 0.00 5.50% 5.50% Expected Maintain
02/08/2006 0.00 5.50% 5.50% Expected Maintain
12/07/2005 0.00 5.50% 5.50% Expected Maintain
11/02/2005 0.00 5.50% 5.50% Expected Maintain
10/05/2005 0.00 5.50% 5.50% Expected Maintain
09/07/2005 0.00 5.50% 5.50% Expected Maintain
08/03/2005 0.00 5.50% 5.50% Expected Maintain
07/06/2005 0.00 5.50% 5.50% Expected Maintain
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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06/08/2005 0.00 5.50% 5.50% Expected Maintain
05/04/2005 0.00 5.50% 5.50% Expected Maintain
04/06/2005 0.00 5.50% 5.75% Unexpected Maintain
03/02/2005 0.25 5.50% 5.50% Expected Tightening
02/02/2005 0.00 5.25% 5.25% Expected Maintain
12/08/2004 0.00 5.25% 5.25% Expected Maintain
11/03/2004 0.00 5.25% 5.25% Expected Maintain
10/06/2004 0.00 5.25% 5.25% Expected Maintain
09/08/2004 0.00 5.25% 5.25% Expected Maintain
08/04/2004 0.00 5.25% 5.25% Expected Maintain
07/07/2004 0.00 5.25% 5.25% Expected Maintain
06/02/2004 0.00 5.25% 5.25% Expected Maintain
05/05/2004 0.00 5.25% 5.25% Expected Maintain
04/07/2004 0.00 5.25% 5.25% Expected Maintain
03/03/2004 0.00 5.25% 5.25% Expected Maintain
02/04/2004 0.00 5.25% 5.25% Expected Maintain
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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12/03/2003 0.25 5.25% 5.25% Expected Tightening
11/05/2003 0.25 5.00% 4.75% Unexpected Tightening
10/08/2003 0.00 4.75% 4.75% Expected Maintain
09/03/2003 0.00 4.75% 4.75% Expected Maintain
08/06/2003 0.00 4.75% 4.75% Expected Maintain
07/02/2003 0.00 4.75% 4.50% Unexpected Maintain
06/04/2003 0.00 4.75% 4.75% Expected Maintain
05/07/2003 0.00 4.75% 4.75% Expected Maintain
04/02/2003 0.00 4.75% 4.75% Expected Maintain
03/05/2003 0.00 4.75% 4.75% Expected Maintain
02/05/2003 0.00 4.75% 4.75% Expected Maintain
12/04/2002 0.00 4.75% 4.75% Expected Maintain
11/06/2002 0.00 4.75% 4.75% Expected Maintain
10/02/2002 0.00 4.75% 4.75% Expected Maintain
09/04/2002 0.00 4.75% 4.75% Expected Maintain
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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08/07/2002 0.00 4.75% 4.75% Expected Maintain
07/03/2002 0.00 4.75% 4.75% Expected Maintain
06/05/2002 0.25 4.75% 4.75% Expected Tightening
05/08/2002 0.25 4.50% 4.50% Expected Tightening
04/03/2002 0.00 4.25% 4.25% Expected Maintain
03/06/2002 0.00 4.25% 4.25% Expected Maintain
02/05/2002 0.00 4.25% 4.25% Expected Maintain
12/05/2001 -0.25 4.25% 4.25% Expected Easing
10/03/2001 -0.25 4.50% 4.50% Expected Easing
09/05/2001 -0.25 4.75% n/a n/a Easing
04/04/2001 -0.50 5.00% n/a n/a Easing
03/07/2001 -0.25 5.50% n/a n/a Easing
02/07/2001 -0.50 5.75% n/a n/a Easing
08/02/2000 0.25 6.25% n/a n/a Tightening
05/03/2000 0.25 6.00% n/a n/a Tightening
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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04/05/2000 0.25 5.75% n/a n/a Tightening
02/02/2000 0.50 5.50% n/a n/a Tightening
11/03/1999 0.25 5.00% n/a n/a Tightening
12/02/1998 -0.25 4.75% n/a n/a Easing
07/30/1997 -0.50 5.00% n/a n/a Easing
05/23/1997 -0.50 5.50% n/a n/a Easing
12/11/1996 -0.50 6.00% n/a n/a Easing
11/06/1996 -0.50 6.50% n/a n/a Easing
07/31/1996 -0.50 7.00% n/a n/a Easing
12/14/1994 1.00 7.50% n/a n/a Tightening
10/24/1994 1.00 6.50% n/a n/a Tightening
08/17/1994 0.75 5.50% n/a n/a Tightening
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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07/30/1993 -0.50 4.75% n/a n/a Easing
03/23/1993 -0.50 5.25% n/a n/a Easing
07/08/1992 -0.75 5.75% n/a n/a Easing
05/06/1992 -1.00 6.50% n/a n/a Easing
01/08/1992 -1.00 7.50% n/a n/a Easing
11/06/1991 -1.00 8.50% n/a n/a Easing
09/03/1991 -1.00 9.50% n/a n/a Easing
05/16/1991 -1.00 10.50% n/a n/a Easing
04/04/1991 -0.50 11.50% n/a n/a Easing
12/18/1990 -1.00 12.00% n/a n/a Easing
10/15/1990 -1.00 13.00% n/a n/a Easing
08/02/1990 -1.00 14.00% n/a n/a Easing
04/04/1990 -1.00 to -1.50 15.0%-15.5% n/a n/a Easing
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Cash Rate Change Cash BN Survey Survey vs Policy
Date Percentage points Rate Target Median Actual* Direction
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02/15/1990 -0.50 16.5%-17.0% n/a n/a Easing
02/23/1990 -.50 to -1.00 17.0%-17.5% n/a n/a Easing
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* Expected is when Bloomberg News survey median is equal to the announced rate. Unexpected is when announced rate is not equal to Bloomberg News survey median.
To contact the reporter on this story: Daniel Petrie in Sydney at dpetrie5@bloomberg.net
To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net
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