Via the AFR:
Over the past two months, the BBSW has surged 0.32 percentage points, or 32 basis points, to 2.08 per cent. The rate looked to have stabilised late March, only to restart its steep upward trajectory this month.
The short-term money market rate directly affects the cost of bank wholesale funding costs. The BBSW is also used to set interest rates on most variable-rate business loans, and can flow through to mortgages as banks seek to pass on those higher funding costs to consumers.