What was the peak cash rate in March 2008 before the global financial crisis?

The peak cash rate in March 2008, just before the onset of the global financial crisis, was 7.25%. During this period, the Reserve Bank of Australia set the cash rate based on prevailing economic conditions, including inflationary pressures and overall economic growth. The decision to maintain higher rates was aimed at curbing inflation and stabilizing economic growth in the lead-up to the crisis.

This peak rate of 7.25% was significant as it represented the monetary policy stance at a time when economies worldwide were experiencing growing liquidity and investment challenges, ultimately leading to the financial turmoil later that year. Understanding this context is essential for grasping how monetary policy affects economic stability and financial systems, particularly during volatile periods.