The interest rate of bank accepted bills/negotiable certificates of deposit for Australian banks has fallen slightly over the last decade. From a peak of around five percent from late 2010 to late 2011, interest rates on three and six month bills/certificates had fallen to 0.01 and 0.03 percent respectively as of September 2021 . Notably, these rates were below the the official Reserve Bank of Australia (RBA) target cash rate of 0.1 percent. Primarily, the reason for this is that the RBA was more concerned with ensuring banks have liquidity than intervening so that the cash rate is consistent with its target rate, and to this end RBA used new methods to inject funds into banks since the coronavirus (COVID-19) pandemic. As of May 2024, the interest rates on three and six month bills/certificates increased to 4.36 and 4.61 percent, respectively.
Monthly interest rate of bank accepted bills/negotiable certificates of deposit in Australia from January 2010 to May 2024, by maturity
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Reserve Bank of Australia. (June 3, 2024). Monthly interest rate of bank accepted bills/negotiable certificates of deposit in Australia from January 2010 to May 2024, by maturity [Graph]. In Statista. Retrieved October 14, 2024, from https://www.statista.com/statistics/1275567/bank-bills-certificates-of-deposit-rate-australia/
Reserve Bank of Australia. "Monthly interest rate of bank accepted bills/negotiable certificates of deposit in Australia from January 2010 to May 2024, by maturity." Chart. June 3, 2024. Statista. Accessed October 14, 2024. https://www.statista.com/statistics/1275567/bank-bills-certificates-of-deposit-rate-australia/
Reserve Bank of Australia. (2024). Monthly interest rate of bank accepted bills/negotiable certificates of deposit in Australia from January 2010 to May 2024, by maturity. Statista. Statista Inc.. Accessed: October 14, 2024. https://www.statista.com/statistics/1275567/bank-bills-certificates-of-deposit-rate-australia/
Reserve Bank of Australia. "Monthly Interest Rate of Bank Accepted Bills/Negotiable Certificates of Deposit in Australia from January 2010 to May 2024, by Maturity." Statista, Statista Inc., 3 Jun 2024, https://www.statista.com/statistics/1275567/bank-bills-certificates-of-deposit-rate-australia/
Reserve Bank of Australia, Monthly interest rate of bank accepted bills/negotiable certificates of deposit in Australia from January 2010 to May 2024, by maturity Statista, https://www.statista.com/statistics/1275567/bank-bills-certificates-of-deposit-rate-australia/ (last visited October 14, 2024)
Monthly interest rate of bank accepted bills/negotiable certificates of deposit in Australia from January 2010 to May 2024, by maturity [Graph], Reserve Bank of Australia, June 3, 2024. [Online]. Available: https://www.statista.com/statistics/1275567/bank-bills-certificates-of-deposit-rate-australia/