ppt_ch12 Government Debt, Monetary Policy, the Payments System and Interest rates 外汇与外汇市场 教学课件[精品].ppt

Copyright ? 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson 12.4 State Govt Securities There are six state govts: New South Wales, Victoria, Western Australia, Queensland, South Australia and Tasmania; and two Territory: Northern Territory, and Australian Capital Territory Similar finance needs as cwlth Each state has formed a central borrowing authority to assist state govts to facilitate debt management programs e.g. VicFin Benefits include Economies of scale Control of the timing of issues Encourages a secondary market Copyright ? 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson 12.4 State Govt Securities (cont.) Issue similar securities as the cwlth i.e. medium-term notes and longer-term bonds (referred to as semi-government securities) and discount securities Cost of debt (determined by credit rating agencies) is higher than cwlth Debt issues may be public or private, underwritten or non-underwritten Copyright ? 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson Chapter Organisation 12.1 Introduction 12.2 Commonwealth Govt Borrowing 12.3 Types of Commonwealth Govt Securities 12.4 State Govt Securities 12.5 Monetary Policy 12.6 The Payments System 12.7 Summary Copyright ? 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson 12.5 Monetary Policy Monetary policy Actions of the RBA that influence interest rates in order to achieve the following economic objectives Stability of the currency Maintenance of full employment Economic prosperity and welfare of the Australian people Copyright ? 2003 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Accounting by Willis Slides prepared by Kaye Watson Reserve bank Market operations Int rates: cash rate target Deposits and money Cost and availability of credit Business investment S