Moreover, banks borrowing cash have little need to pay more than the cash rate target – they know that there should be many banks willing to lend cash at that price and, if needed, they can obtain similar liquidity themselves via the Reserve Bank's open market operations at a similar (term-matched) rate.
[﻿ 7]  9/11  23/05/2022, 13:03  From QE to QT – The next phase in the Reserve Bank's Bond Purchase Program | Speeches | RBA  When considering the framework, the Board saw value in continuing to set and communicate both the remuneration rate on ES balances and the cash rate target in policy announcements.