RBA’s Debelle outlines potential benchmark rate reform
Australian consultation paper suggests modifications to BBSW
Guy Debelle outlined a host of options for reforming the calculation of the primary interest rate benchmark in Australia, the bank bill swap rate, in a speech today (November 18).
Debelle, a Reserve Bank of Australia (RBA) deputy governor, recapped a recent consultation paper by the Council of Financial Regulators in front of an audience in Sydney. The possible reforms include an expansion of the transactions covered in the existing methodology.
At present, the benchmark rates are calculated as
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