At its November meeting, the Board of the Reserve Bank of Australia decided to hold the cash rate steady at 0.75%. Bank bill swap rates are as follows:

30 day

60 day

90 day

180 day

BBSW

0.84%

0.88%

0.89%

0.97%

At its November meeting, the Board considered an updated set of forecasts. These forecasts imply some progress towards the medium-term inflation and full employment goals, but this progress is expected to be only gradual. The Board also recognised that global financial markets appear to have passed a trough of pessimism. In light of these circumstances and having cut the cash rate by 0.75 percentage points over the past six months, to a new low of 75 basis points, the Board judged that it was appropriate to hold rates steady at its November meeting. This allows time to assess the effects of the recent easing of monetary policy as well as global developments. Given the outlook, the Board is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the medium-term inflation target over time.

(Source: Reserve Bank of Australia)