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Financial News: Australia Retains Rate; Asset Purchase Programme

Australia Retains Rate; Asset Purchase Programme

04/07/2020 - 00:51:00 (RTTNews)

(RTTNews) - Australia's central bank maintained its record low interest rate and the target yield on 3-year government bonds, on Tuesday.

At the monetary policy meeting, the board kept its interest rate at 0.25 percent and the targeted yield on 3-year government bonds at around 0.25 percent.

The bank had announced asset purchase programme and a three-year funding facility to help small and medium sized firms, at the emergency meeting held in March.

Policymakers reaffirmed all elements of the package announced on March 19.

Since this target was introduced, the RBA has bought around A$36 billion of government bonds in secondary markets, Governor Philip Lowe said in a statement.

"If conditions continue to improve, though, it is likely that smaller and less frequent purchases of government bonds will be required," Lowe said.

The governor said the board is committed to doing what it can to support jobs, incomes and businesses as Australia deals with the coronavirus.

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