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. As of June 2025, the overnight interbank cash rate and the target cash rate stood at **** and **** percent, respectively.
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Reserve Bank of Australia. (July 14, 2025). Comparison of the overnight interbank cash rate against the target cash rate in Australia from January 2010 to June 2025 [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved August 01, 2026, from /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 January 2010 to June 2025." Chart. July 14, 2025. ÌÇÐÄÆƽâ°æ. Accessed August 01, 2026. /statistics/1275530/overnight-interbank-cash-rate-vs-target-cash-rate-australia/
Reserve Bank of Australia. (2025). Comparison of the overnight interbank cash rate against the target cash rate in Australia from January 2010 to June 2025. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: August 01, 2026. /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 January 2010 to June 2025." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 14 Jul 2025, /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 January 2010 to June 2025 ÌÇÐÄÆƽâ°æ, /statistics/1275530/overnight-interbank-cash-rate-vs-target-cash-rate-australia/ (last visited August 01, 2026)
Comparison of the overnight interbank cash rate against the target cash rate in Australia from January 2010 to June 2025 [Graph], Reserve Bank of Australia, July 14, 2025. [Online]. Available: /statistics/1275530/overnight-interbank-cash-rate-vs-target-cash-rate-australia/
