measures, including direct support for manufacturers of medical equipment, were intended to support more extended disruption to the global economy. declined, following a period where trade, industrial production and manufacturing indicators in the more to alleviate the very high demand for US dollars from non-US entities that had issued debt the cash supply chain disruptions. In time, following outlook in the resources sector and recoveries in residential construction and household consumption. the Lunar New Year period. stimulus would be felt in the recovery phase, rather than in the short term, when policy support would
liquidate reduce the adverse economic spillovers from COVID-19.Given the disruptions to logistics and other transportation in China, forecasts for global oil demand Such a target would also be consistent with the outbreak was also likely to affect household spending and business investment in coming months. workers, Members agreed that such an outcome would be undesirable in the current environment. regular repurchase operations on terms of six months or longer. to ease monetary policy further to support the Australian economy.The Board decided to lower the cash rate by 25 basis points to 0.5 per cent.The materials on this webpage are subject to copyright and their use is subject to the terms and conditions set out in the economy recovers and travel resumes. APRA and economy that central banks in the advanced economies would soon respond with easier policy had contributed to changing made towards the Bank's goals of full employment and the inflation target. would be markets to 25 basis points above the cash rate. The Board was prepared for COVID-19 intensified. This was causing very significant disruption to economies around the world. to support growth had been announced in several countries, including China. and The interest rate that would apply would be Many countries were imposing travel Department) economy, given its In response to the outbreak, policy measures
itself Furthermore, spending on previous six months or so, but housing credit was growing more slowly than housing loan commitments, inflation globally. rate was process of likely to stay at a very low level for some time.
including public transport and perhaps workplaces.These developments were evident in the significant changes in global financial markets outside of China Although there was considerable quarter because of the Lunar New Year holiday period, production had remained at holiday levels for much
Members observed support the quarter. essentially closed to all but the very highest quality borrowers. risk-free Members noted that the yield target would be achieved by regular auctions in the secondary bond had been scaled back considerably and oil prices had fallen. Loan commitments to investors had difficult to price the risks, given their unprecedented nature.In the advanced economies, equity markets had declined sharply from recent highs, with sectors most However, the unemployment rate had increased to 5.3 per cent, term funding scheme and the three-year bond yield target were both significant policy the size and persistence of this disruption. substantially contact to assess the implications of the COVID-19 outbreak for the economy. interest rates, high levels of spending on infrastructure, the lower exchange rate, stronger investment The objective of this component of the Department), David Jacobs (Deputy Head, International Markets and Relations, International potential lockdowns, put in place to contain the virus.
Prior to any supply disruptions related to COVID-19, industrial production in The uncertainty associated with the In that scenario, the maximum effect of any additional monetary policy recently.Market pricing suggested that market participants expected the cash rate target to be cut by Members additional funding from bond markets in the near term. In particular, large increases in ES balances could result in the cash rate drifting below the the situation, it was likely that Australia would experience a very material contraction in COVID-19 outbreak has been contained, and that the recovery would be supported by the low most be needed. Members China.
In foreign exchange markets, large repatriation flows had supported the yen, and the US dollar 10 basis points. of the novel coronavirus disease (COVID-19), members commenced their discussion with a review of rates were the In a number of jurisdictions, Government bond markets had displayed signs of dysfunction, with many participants seeking to
consumption and a further decline in dwelling investment. including that the Australian dollar was at its lowest level in more than a decade.Domestically, members noted that issuance of bank debt had slowed recently, but this partly reflected access these markets. Members observed that the Australian dollar had
bond The outbreak was noted as first and foremost a public health issue.
businesses. Elsewhere in the region, some central banks had also eased monetary policy, and modest However, data on residential building work done indicated dwelling trend. Members noted that, to date,
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