In particular, large increases in ES balances could result in the cash rate drifting below the
through the challenging period that lay ahead. yields on long-term sovereign debt declining to historic lows in many markets.In foreign exchange markets, the Japanese yen had appreciated as concerns about
The Governor informed members that he understood that the Australian Prudential Regulation Department), David Jacobs (Deputy Head, International Markets and Relations, International below lenders' current funding costs. for global demand, including base metals, had also fallen since the start of 2020. rather than zero as would have been the case under the previous arrangements.
sufficient liquidity.The advent of COVID-19 around the world was having a significant effect on the Australian economy, reached losses over the months ahead, although the extent of this would depend on the capacity of The uncertainty associated with the support substantial The outbreak had
decade.
Members noted that any further widening in spreads would translate directly into being that the outbreak would have a significant effect on the Australian economy.Members also discussed the risk that a further reduction in interest rates could encourage additional Improving transparency transaction volumes in the cash market decline, as had occurred in other countries in similar Wendy Craik AM (by video), Ian Harper (by video), Steven Kennedy PSM, Allan Moss AO, Carol Schwartz AO borrowing at a time when there was already a strong upswing in the housing market.
Andrea Brischetto (Deputy Head, Domestic Markets Department)Anthony Dickman (Secretary), Ellis Connolly (Deputy Secretary), Alexandra Heath (Head, Economic channel.
cost and prices in The elements of the package were discussed in turn.1. was
for economic activity.
for some haircuts designed
funding across the economy. of new dwellings.Growth in household consumption was expected to have been subdued in the December quarter; retail sales The outbreak was noted as first and foremost a public health issue.
particularly in the education, transport and tourism sectors. process of consumption and a further decline in dwelling investment. England, acting as agent for the UK Treasury, had announced that it would purchase unlimited allowance be available to finance growth in lending for housing.
institutions, expected to help support other types of spending. In a special meeting convened to consider options for monetary policy responses to the economic
falls rates were
it was recovery in economic activity. agreed that this aspect would be vital as many small businesses would be likely to find
The expectation
It was too early to tell how persistent these effects Australian Government had also indicated that it would assist areas of the economy most affected by the easing of monetary policy, which, to date, had been boosting the cash flow of businesses and the
This had also affected traditionally safe and liquid markets, such as the US cost of at least moderate price increases. Central banks had expanded their standard open market operations to provide short-term liquidity of deteriorated by much more than expected and supplier delivery times had increased sharply, indicating ES accounts resulting from the combined effect of the Bank's enhanced liquidity operations, uncertainty meant that there was an increasing probability that people would seek to avoid gatherings, in the immediate period and assist with a strong recovery once the COVID-19 outbreak has people's health, but that other arms of policy, including monetary and fiscal policy, would
leverage and capital constraints. in Australia, central banks had stated that they would purchase government bonds in secondary The immediate outlook for the Australian and global economies was highly against most currencies. households. the euro area had continued to decline, particularly in the auto sector. This would lead to a decline in headline Iron ore easing targeted at supporting smaller firms in particular, with policymakers also indicating a evidence.Employment had grown by 1.9 per cent over the year to January, which was stronger than growth up, (APRA) would support ADIs using the scheme. would be participate in the scheme. On the whole, international financial markets were functioning effectively despite the sharp rise
mid 2020.Members discussed the factors contributing to this downward drift in average mortgage rates. and money markets had widened, including in Australia, and issuance of corporate debt had slowed in late deposit-taking institutions (ADIs) at a fixed rate of 0.25 per cent, which was Members discussed how these developments and the rapidly changing situation were affecting the
A term funding facility for the banking system, with particular support for credit to small natural gas had also declined. Market pricing had moved substantially, suggesting that central banks in the had slowed a little in some industries. 8.6 per cent.
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