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Lee Sue Ann, Economist at UOB Group, ruled out any change in the monetary stance from the RBA at its meeting on Tuesday.

Key Quotes

“The RBA had left its OCR at record-low of 0.25% after cutting twice in March. Overall, the minutes offered little guidance as officials insist that “a recovery was expected once he COVID-19 outbreak was contained”, with the RBA pledging to “do what was necessary to achieve the three-year yield target” for Australian government bonds. The minutes also suggest the RBA is in no rush to implement more unconventional measures for now”.