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The target cash rate and its impact on investment asset returns in Australia

This article examines the relationship between asset returns and changes in the announced target cash rate of the Reserve Bank of Australia during the period from September 1990 to June 2000. Using a two stage least squares model adapted from Lowe (1995) the analysis found that there is an impact on property returns during the month of the announced change in the cash rate. This finding is not supported for other sub-indices on the Australian stock exchange, apart from Tourism and Leisure where there is also an identifiable impact.