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Reserve Bank of Australia: Interest Rate Decisions
The Reserve Bank of Australia conducts monetary policy, works to maintain a strong financial system and issues the nation’s currency.
The Reserve Bank sets the target 'cash rate', which is the market interest rate on overnight funds. It uses this as the instrument for monetary policy, and influences the cash rate through its financial market operations. Decisions to vary this interest rate are made by the Reserve Bank Board, and are explained in a media release which announces the decision at 2.30 pm after each Board meeting.
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