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

The Committee noted that the nature and speed of the economic recovery remains highly uncertain, despite the signs of a gradual improvement. The Bank said it is prepared to scale-up its bond purchases again and will do whatever is necessary to ensure bond markets remain functional and to achieve the yield target for 3-year AGS.

Policymakers added that the accommodative approach will be maintained as long as it is required and that the cash rate target will not increase until progress is being made towards full employment and until it is confident that inflation will be sustainably within the 2–3 percent target.