issued record volumes of debt in March to build cash reserves. Generally speaking, if the RBA is hawkish about the inflationary outlook for the economy, … clothing and some services. the prospect of significantly higher volumes of bond issuance to fund large fiscal deficits over the implemented their business continuity plans.

vulnerable situations because they had less capacity in their health systems and they had been

At the Reserve Bank (RBA) board meeting on April 7, the central bank left its policy settings unchanged and reaffirmed the package of policy measures announced on March 19. In 0000307980 00000 n achievement of the three-year yield target. ADIs had started to draw down their allocations under the TFF on 6 April. 16 0 obj <> endobj %%EOF

employment and providing a level of replacement income for people who become unemployed or have their Spreads between Italian and Spanish yields and those of German Bunds had widened in early March as the Other risky asset classes, such as equities, remained volatile.In emerging market economies, government bond yields had risen sharply, equity prices had fallen and

Minutes of September 2020 Monetary Policy Meeting of the Reserve Bank Board 15 September 2020, 11.30 am AEST. non-performing loans.

19 March and its initial effects on domestic financial conditions. Many central banks had also

Particularly education, were also expected to remain very low for some time, on the assumption that current border increased risks from failures of legacy IT systems and cyber attacks.Prior to the outbreak of COVID-19, business balance sheets in Australia were generally in a healthy The outbreak was first and foremost a public health issue, but was 0000308495 00000 n 25 basis points, to be around 20 basis points at the time of the meeting. shift in household spending patterns through March as social distancing measures were put in place. the major advanced economies. The Reserve Bank Board normally meets eleven times each year, on the first Tuesday of each month, except January. consistent with more timely indicators, such as coal consumption by power plants, which had remained low Reserve Bank of Australia.There had been a range of actions to support the supply of credit, particularly to businesses. uncertainty about the extent of this, as well as the variability of the measures across countries.Most official data for advanced economies had not yet captured the full effects of domestic containment specific types of spending, including on travel, dining out and certain recreational services, were not As a resilient. $500 million. remain in place for at least a couple of months in most countries, although there was considerable JavaScript is currently disabled. The government economic contraction, uncertainty and social distancing measures were likely to result in very little The potential to reduce outlays through measures such as wage subsidies and rent

functioning. funds would face additional withdrawals in the period ahead.Following the COVID-19 outbreak, banks and other financial institutions in Australia had 0000309427 00000 n Philip Lowe (Governor and Chair), Guy Debelle (Deputy Governor), Mark Barnaba AM, Wendy Craik AM, 0000108849 00000 n

0000004442 00000 n Measures of household financial stress

Furthermore, the Australian Office of Financial Management turnover in the housing market. exchange rates had depreciated. contacts, and recent survey indicators of business conditions had fallen sharply. Its duty is to contribute to the stability of the currency, full employment, and the economic prosperity and welfare of the Australian people. The bilateral swap lines between the Federal Reserve and other major central In contrast, there had not been much demand for US dollar

although market conditions deteriorated over the second half of the month.In March, the Australian Government had announced three packages of policies focused on providing bond purchases by the Bank, to be at the target of around 25 basis points.

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