At its meeting today, the Board of the Reserve Bank of Australia reaffirmed the targets for the cash rate and the yield on 3-year Australian government bonds of 25 basis points, as well as the other elements of the package announced on 19 March 2020.

• The coronavirus remains first and foremost a very major public health issue, but it is also having very significant effects on economies and financial systems around the world.
• The Bank has injected substantial liquidity into the financial system through its daily open market operations to support credit and maintain low funding costs in the economy. 
• The coordinated monetary and fiscal response, together with complementary measures taken by Australia’s banks, will soften the expected contraction and help ensure that the economy is well placed to recover once the health crisis has passed and restrictions are removed. 

The Board is committed to doing what it can to support jobs, incomes and businesses as Australia deals with the coronavirus.

To view the full statement of Philip Lowe, Governor of the Reserve Bank, please click here.

Published : 07 Apr 2020