Speaking at the post-monetary policy meeting press conference on Thursday, the Reserve Bank of Australia (RBA) Governor Lowe said that they are doing all that we can to lower funding costs in Australia and support the supply of credit to the business.
Additional quotes
Living in extraordinary times.
Term funding scheme and three-year yield target are both significant policy developments that would not have been under consideration in normal times.
Both carry financial and other risks for the reserve bank.
Both represent significant interventions by the bank in Australia’s financial markets.
Board expects the cash rate will remain at its current level for some years, but not forever.
Bond purchases will be in the secondary market and we will not be purchasing bonds directly from the government.
Our intention is to purchase bonds of different maturities.
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