The Expectations Theory of the Term Structure of Interest Rates in Australia

Warren J. Tease

The Economic Record, 1988, vol. 64, issue 2, 120-127

Abstract: The aim of this paper is to test the expectations theory of the term structure of interest rates in the Australian market for short‐term financial assets. The paper finds that the joint hypothesis of the expectations theory and zero (or a constant risk premium) cannot be rejected in the period since the introduction of the tender system for sale of government securities in 1979. The floating of the Australian dollar in 1983 did not alter the findings.

Date: 1988
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