Reserve Bank of Australia Annual Report – 1961 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 mth 6 mth 12 mth 24 mth(a) 3 mth 12 mth
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 3¼ 4 5
1954 1 1¼ 1½ 1¾ 2¼ 5 1 3.42 4.44 3¼ 4 5
1955 1¼ 1½ 1¾ 2 2½ 5 1 3.74 4.53 3¼ 4¼ 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
I960 2¼ 2½ 2¾ 3½ 3 5½ 1 4.20 4.95 3½ 5 7/8
1961 4 4 4½ — 3¼ 6 1 5.23 5.36 3¾/5½ 5¾/6¼ 8/8½
(a) Until July, 1952, only 1% was paid on amounts in excess of £10,000, and from July, 1952, to January, 1955, 1½%; from November, 1960, the maximum term was 12 months.
(b) Rate paid by majority of savings banks. The remaining savings banks, whose deposits comprise about 10% of the total, have paid at times up to ½% higher than rate shown.
(c) Until April, 1956, maximum rates, but most lending was at these rates. From April, 1956, the maximum rate was 6%; from November, 1960, 7%.
(d) Discount rate. From October, 1960, to February, 1961, three months Seasonal Securities (first issued in 1959/60) were issued on a daily basis at a discount rate equivalent to a yield of £3/19/-; from February to close of the issue in March the discount rate was equivalent to a yield of £4/5/1.