Hence, the rise in the US 3-month LIBOR rate (relative to the Overnight Index Swap (OIS) rate) was closely matched by a rise in the equivalent 3-month bank bill swap rate (BBSW) spread to OIS in Australia (Graph 7); similarly, the two spreads have declined of late by similar orders of magnitude (relative to their respective OIS rates).
The respondents were asked if they were/are satisfied with the performance of these agencies. I will not be modest about this—I am happy to say that this is the 25th time the central bank topped this survey since this was first conducted in 1987. This year, 97% of respondents said they are satisfied with BSP’s performance.