Reserve Bank of Australia (RBA)

RBA raises rates by 25 bps for the second straight month


RBA to raise rates another modest 25 basis points in December – Reuters poll

The RBA is forecast to raise rates by another 50 basis points by the end of the second quarter next year, according to the median forecast, taking the terminal rate to 3.60%. Those expectations were unchanged from a November poll. However, there was no clear majority among economists over the central bank's rate move beyond the December meeting.

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Big Picture

What is the RBA?

The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. It does this by setting the cash rate to meet an agreed medium-term inflation target, working to maintain a strong financial system and efficient payments system, and issuing the nation's banknotes.

The RBA provides certain banking services as required to the Australian Government and its agencies, and to a number of overseas central banks and official institutions. Additionally, it manages Australia's gold and foreign exchange reserves.

Who is RBA's president?

Philip Lowe is an Australian economist, born in Wagga Wagga, New South Wales. He is the current Governor of the Reserve Bank of Australia, having succeeded Glenn Stevens on 18 September 2016. He was previously deputy governor under Stevens from 2012.

Lowe on his profile and Wikipedia.

Interest rates latest news

The World Interest Rates Table

The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.