Australian overnight banking rate fall below the official target cash rate.
The volume of Australian overnight interbank lending fell sharply with the onset of the coronavirus (COVID-19) pandemic in early 2020. From a daily average of around 3.8 billion Australian dollars between January 2019 and March 2020, from April 2020 to November 2021 this average fell to around 500 million Australian dollars. It is for this reason that the Reserve bank of Australia has been taking measures to inject funds into the banking system, letting the Volume of overnight interbank lending in Australia from 2019 to 2022 (in million Australian dollars)
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Reserve Bank of Australia. (May 4, 2022). Volume of overnight interbank lending in Australia from 2019 to 2022 (in million Australian dollars) [Graph]. In Statista. Retrieved May 11, 2024, from https://www.statista.com/statistics/1275587/overnight-interbank-lending-volume-australia/
Reserve Bank of Australia. "Volume of overnight interbank lending in Australia from 2019 to 2022 (in million Australian dollars)." Chart. May 4, 2022. Statista. Accessed May 11, 2024. https://www.statista.com/statistics/1275587/overnight-interbank-lending-volume-australia/
Reserve Bank of Australia. (2022). Volume of overnight interbank lending in Australia from 2019 to 2022 (in million Australian dollars). Statista. Statista Inc.. Accessed: May 11, 2024. https://www.statista.com/statistics/1275587/overnight-interbank-lending-volume-australia/
Reserve Bank of Australia. "Volume of Overnight Interbank Lending in Australia from 2019 to 2022 (in Million Australian Dollars)." Statista, Statista Inc., 4 May 2022, https://www.statista.com/statistics/1275587/overnight-interbank-lending-volume-australia/
Reserve Bank of Australia, Volume of overnight interbank lending in Australia from 2019 to 2022 (in million Australian dollars) Statista, https://www.statista.com/statistics/1275587/overnight-interbank-lending-volume-australia/ (last visited May 11, 2024)
Volume of overnight interbank lending in Australia from 2019 to 2022 (in million Australian dollars) [Graph], Reserve Bank of Australia, May 4, 2022. [Online]. Available: https://www.statista.com/statistics/1275587/overnight-interbank-lending-volume-australia/