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The Money Market is where the Benchmark Interest Rates are set each business day at 10:15am. The Money Market will usually factor in any anticipated movement in Reserve Bank set Official Cash Rates, sometimes up to three (3) months in advance.

The Australian Financial Markets Association (AFMA) Bank Bill Swap (BBSW) Benchmark Rates represent the midpoint of the nationally observed live and executable best bid and best offer (NBBO) for AFMA Prime Bank Eligible Securities.  The NBBO calculation is the average of all good samples of the best bid and best offer, such samples sourced from authorised trading venues and taken at three randomised intervals at and around 10:00am.


  • For each tenor, the average of all good NBBO midpoint samples, rounded to four decimal places, are published at approximately 10:15am on Thomson Reuters page "BBSW" and on Bloomberg LLP page "AFMB" as the BBSW benchmark rate.
  • BBSW mid rates are published on the AFMA website on the following Business Day, thus making the rates available to the general public.
  • Financial news media outlets regularly report on BBSW rates, both in tabular form and in commentary.


  • "Bid" and "Ask" values for each tenor are published at approximately 10:15am on Thomson Reuters page "BBSY" and on Bloomberg LLP page "AFRS" using a set difference, respectively, of five basis points above and below the BBSW rate.
  • The Bid and Ask values of BBSW, as published on BBSY, are used, amongst other things, by market participants to price floating rate loans.  Being directly derived from BBSW and where the only difference is the predetermined and non-variable bid/ask spread to BBSW, rates published on BBSY are a familial derivative of BBSW and not a separate benchmark.
  • The ten (10) basis point spread between the Bid and Ask values may not be changed without the express consent of both the AFMA Benchmarks Committee and the AFMA Market Governance Committee, and, consideration of any change to this spread must be subject to prior consultation with market participants. 

Credit:  AFMA BBSW  A Guide to the Bank Bill Swap (BBSW) Benchmark Rate.

Please click here to obtain this rate on a 24 hour delayed basis.


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