But the procedures also allow for the cash rate to be determined by the RBA in its expert judgement and based on market conditions. So this has ensured that the cash rate continues to reflect the interest rate relevant to unsecured overnight funds. In short, the Reserve Bank can assure you of the robustness of the cash rate as a benchmark.
Thank you for your attention. I look forward to your questions. 1 See FSB (2020), ‘Global Transition Roadmap for LIBOR’, 16 October. Available at <www.fsb.org/2020/10/global-  transition-roadmap-for-libor/>. 2 See RBA, APRA and ASIC (2020), ‘Regulators Release Feedback on Financial Institutions’ Preparation for  LIBOR Transition’, Media Release No. 2020–12, 8 April. Available at <www.rba.gov.au/media-releases/2020/mr20–12.html>.