RBA CASH RATE: 1998

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RBA Interest Rate: 1998

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Graph: RBA Cash rate target from 1998 (source: rba.gov.au)

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Overview from RBA cash rate in 1998:

Increases: 0
Decreases: 1 (In December)
Holds: 10
There are only statement of notes for the December meeting.
Interesting year for home owners and Aussies looking to buy.

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February 1998
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Date	Cash Rate Target	Cash Rate Change
4 Feb 1998	5%	0

Notes from RBA meeting on February 4, 1998 -

* There are no notes from this meeting.

March 1998

Date	Cash Rate Target	Cash Rate Change
4 March 1998	5%	0

Notes from RBA meeting on March 4, 1998 -

* There are no notes from this meeting.

April 1998

Date	Cash Rate Target	Cash Rate Change
8 Apr 1998	5%	0

Notes from RBA meeting on April 8, 1998-

* There are no notes from this meeting.

May 1998

Date	Cash Rate Target	Cash Rate Change
6 May 1998	5%	0

Notes from RBA meeting on May 6, 1998 -

* There are no notes from this meeting.

June 1998

Date	Cash Rate Target	Cash Rate Change
3 Jun 1998	5%	0

Notes from RBA meeting on June 3, 1998-

* There are no notes from this meeting.

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July 1998

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Date	Cash Rate Target	Cash Rate Change
8 Jul 1998	5%	0

Notes from RBA meeting on July 8, 1998 -

* There are no notes from this meeting.

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August 1998

Date	Cash Rate Target	Cash Rate Change
5 Aug 1998	5%	0

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Notes from RBA meeting on August 5, 1998 -

* There are no notes from this meeting.

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September 1998

Date	Cash Rate Target	Cash Rate Change
2 Sep 1998	5%	0

Notes from RBA meeting on September 2, 1998-

* There are no notes from this meeting.

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October 1998

Date	Cash Rate Target	Cash Rate Change
7 Oct 1998	5%	0

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Notes from RBA meeting on October 7, 1998 -

* There are no notes from this meeting.

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November 1998

Date	Cash Rate Target	Cash Rate Change
4 Nov 1998	5%	0

Notes from RBA meeting on November 4, 1998 -

* There are no notes from this meeting.

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December 1998

Date	Cash Rate Target	Cash Rate Change
2 Dec 1998	4.75%	-0.25

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Notes from RBA meeting on December 2, 1998 -

Cash rate -

Board Decision: Cash Rate Reduced to 4.75% by 25 Basis Points

Rationale for the first interest Rate Reduction in 1998 -

Accumulating evidence supports small interest rate cut
Turmoil in International financial markets
Lower growth, inflation, and interest rates globally falling Bond yields and decrease in short-term rates

Global economic outlook -

Widespread agreement on significant slowdown in world growth
Reasonable assumption of slower global growth and low Inflation

Inflation-

Unlikely for Inflation to Rise Above 3%, medium-term consistency expected
Medium-term inflation Target: 2-3% recent inflation running Below 2%,

Domestic Economic Activity -

Solid expansion with supportive monetary policy
Exceeding earlier forecasts with improved Business confidence
Anticipated temporary growth slowdown and increase in current account deficit

Supportive Monetary Policy -

Limitations of fine-tuning growth and inflation outcomes
Good inflation performance and capacity for Non-Inflationary Growth
Adoption of more accommodative monetary policy stance

Frequently Asked Questions

What is the RBA Cash Rate?

The RBA cash rate is the benchmark interest rate for the Australian economy. It is the rate at which financial institutions lend and borrow money from each other in the overnight money market, and it is used as a reference point for setting other interest rates in the economy. Read more about the RBA cash rate here.

When does the RBA announce the cash rate?

The RBA cash rate is announced on the first Tuesday of every month, except in January, The announcement is typically made at 2:30 PM Sydney time,

How often does the RBA change the cash rate?

On a monthly basis, the Reserve Bank of Australia (RBA) convenes to assess the cash rate and determine if any adjustments are required. These meetings are scheduled ahead of time, with the precise dates and times announced in advance. Following each meeting, the RBA promptly discloses its decisions to the public.

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