"That was 2010, when then assistant governor, now deputy governor, He was referring to the build-up to the global financial crisis, when banks had based their decisions on the relatively stable global economy of the prior years, rather than making judgements about what might go wrong.
Posted Sun Sunday 9 Aug August 2020 at … "I think that really does suggest that there is a lot more buffer to withstand, and support the economy, and support households and businesses through this difficult period than you would have seen in other downturns. "As we've demonstrated, and as we're demonstrating again, we'll continue to make judgements based on how this situation continues to evolve," he told Sky News on Friday. "There is no doubt that the Commonwealth government cannot do all the fiscal heavy lifting on its own," he said.
Although perhaps too few.The key lesson for regulators was that banks should be financially prepared for unforeseen, and perhaps unforeseeable, events, by building up their financial buffers.The surprise event of 2020, of course, has been COVID-19 — a pandemic more significant than any since the 1918 Spanish flu.Policymakers, big business leaders and small business owners who lived through the last recession warn that downturns have a nasty habit of lingering.And, according to one of the Reserve Bank's current assistant governors, Luci Ellis, Australia's banks are indeed well prepared. RBA's Harper defends COVID-19 restrictions. The coronavirus has clouded the near-term outlook for the global economy and means that global growth in the first half of 2020 will be lower than earlier expected. Indeed, it seems to have often been turned off. But some things stick in the memory.Like when a senior Reserve Bank official says, "The future's uncertain and the end is always near. It will be administered three times; once per month, in March, April and May. By business reporter Michael Janda. RBA says entrepreneurial 'dynamism' key to a post-coronavirus Australian economy. How long will it take to get my results back?Millions of Aussies have been told to isolate. ... Second COVID-19 shutdown sees businesses closing for good. "Dr Lowe said as governments could now borrow at record low interest rates there was no reason for them to hold back from loosening their purse strings, adding they should be more worried about unemployment than a credit downgrade. Five months later, they’re back in the money. The RBA’s announcement comes after central banks around the world unveiled huge stimulus packages to stabilise financial markets and limit the economic impacts of the coronavirus. In mid-March, the Reserve Bank board not only cut the official cash rate to 0.25 per cent, but it also introduced an innovative new version of a yield-curve target.Martin Place announced that it would now set a target for three-year bonds of about 0.25 per cent and that it would be buying as many Commonwealth government bonds, as well as bonds issued by states and territories, to ensure that it achieved its target.In addition, the Reserve Bank set up a term-funding facility – initially set at $90 billion – for the banks, giving them access to three-year funds at a fixed rate of 0.25 per cent.And as Lowe noted yesterday, the Reserve Bank has only had to spend about $50 billion of government bonds so far to achieve its bond yield target, and indeed market conditions have improved so much that it hasn't needed to buy any bonds over the past week.Bond traders point out that this is an outstanding result, given that In addition, Canberra and the states and territories have issued close to $40 billion in short-term notes.In other words, the Reserve Bank has been able to push three-year bond yields from about 60 basis points before its announcement, to about 25 basis points, even though governments issued an extra $140 billion in bonds and notes.Of course, the Reserve Bank's success partly reflects the decision of the US Federal Reserve to buy an unlimited amount of US government bonds to stem the dysfunction in the US bond market – the epicentre of the global financial system.And it also reflects the esteem in which the Reserve Bank is held by local bond market participants. "The fiscal tap needs to remain turned on to continue to support income in the economy in the face of such a significant contraction in spending and production.
The Reserve Bank of Australia will “almost certainly” pull the trigger on an emergency rate cut this afternoon to ease the financial burden of the coronavirus pandemic. And the borrowing cost is extraordinarily low. But all industries are not equalJobKeeper eligibility relaxed as $15 billion extra tipped into extended schemeNZ's unemployment rate almost half Australia's, but is it really doing so much better?What's being done nationally to prevent coronavirus outbreaks in aged care?I've had a coronavirus test.
"And if further decisions have to be made down the track, they will be made. In the helter-skelter world of news, it's often hard to remember what you covered last week. "I think that really does suggest that there is a lot more buffer to withstand, and support the economy, and support households and businesses through this difficult period than you would have seen in other downturns.
View results from the most recent survey here. "We go into this period with highly capitalised, profitable lenders," she told a video conference of business economists and journalists on Friday.
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