Australian inter-bank rates hit 11-year high

Australian three-month bank bill rates reached 7.08% on Tuesday, 58 points above the central bank's benchmark rate and their highest level since July 1996.

The high, based on data compiled by Bloomberg, indicates that the Reserve Bank of Australia's decision last Thursday to extend its list of collateral eligible for repurchase agreements has had little impact.

The Reserve Bank said on 6 September that from 17 September it would accept: bills and certificates of deposit issued domestically b

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