Reserve Bank of Australia Annual Report – 1960 Australian Interest Rates and Security Yields

Australian Interest Rates and Security Yields
(Per cent—per annum)
As at
June		 Deposit Rates Bank Overdraft Rates Max. Av.(c) Government Securities Company Debentures
Trading Banks Savings Banks Max.(b) Treasury Bills(d) Shorts Longs Hire Purchase
Affiliated with banks		 Selected Other (mainly finance) 5 years
3 months 6 months 12 months 24 months(a) 3 months 12 months
1946 ½ ¾ 1 1½ 2 4¾ 1 1.79 3.25      
1947 ½ ¾ 1 1½ 2 4½ 1 1.92 3.15      
1948 ½ ¾ 1 1½ 2 4½ 1 2.34 3.15      
1949 ½ ¾ 1 1½ 2 4½ ¾ 1.97 3.13      
1950 ½ ¾ 1 1½ 2 4½ ¾ 1.95 3.15      
1951 ½ ¾ 1 1½ 2 4½ ¾ 2.05 3.51      
1952 ½ ¾ 1 1½ 2 4½ ¾ 2.21 4.62      
1953 1 1¼ 1½ 1¾ 2¼ 5 1 3.16 4.48 3½ 4 5
1954 1 1¼ 1½ 1¾ 2¼ 5 1 3.42 4.44 3½ 4 5
1955 1¼ 1½ 1¾ 2 2½ 5 1 3.74 4.53 3½ 4 6/7
1956 2¼ 2½ 2¾ 3 2¾ 5½ 1 5.13 5.34 3½ 5 6/7
1957 2¼ 2½ 2¾ 3½ 2¾ 5½ 1 4.62 5.04 3½ 5 7/8
1958 2¼ 2½ 2¾ 3½ 2¾ 5½ 1 4.25 4.95 3½ 5 7/8
1959 2¼ 2½ 2¾ 3½ 3 5½ 1 4.00 4.89 3½ 5 7/8
1960 2¼ 2½ 2¾ 3½ 3 5½ 1 4.20 4.95 3½ 5 7/8
(a) Until July, 1952, only 1% was paid on amounts in excess of £10,000, and from July, 1952, to January, 1955, 1½%.
(b) Maximum rates paid by the Savings Bank of South Australia and the trustee savings banks in Tasmania were generally ¼% higher than those shown here.
(c) Until April, 1956, maximum rates, but most lending was at these rates. From April, 1956, the maximum rate was 6%.
(d) Discount rate. In November, 1959, the Commonwealth commenced issuing three months Seasonal Securities at approximately two-weekly intervals. Initial issues were at a discount rate of £3/0/2 and from February on the rate was £3/2/2. Issues for 1959/60 ceased in March, 1960.