The Reserve Bank of Australia left the cash rate unchanged at a record low of 0.25%

The Committee also kept its yield objective unchanged as the functioning of the bond markets has improved. Policymakers said that since launching QE, the bank has purchased around AUD 50.7 billion of securities and is prepared to scale-up purchases again to ensure bond markets remain functional.

The Committee projected that the unemployment rate will peak at around 10% over the next months and remains above 7% at the end of next year. Policymakers added that it will maintain its efforts to keep funding costs low and credit available.

The board reiterated that it will not increase the cash rate target until progress is being made towards full employment.