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

Policymakers said they will not increase the cash rate target until progress is being made towards full employment and until they are confident that inflation will be sustainably within the target of 2–3%.

The Committee also said that the functioning of the bond market has improved and added that if conditions continue to improve, it is likely that smaller and less frequent purchases of government bonds will be required.

Policymakers noted that there is considerable uncertainty about the economy, with a very large contraction expected in Q2 and the jobless rate projected to rise to its highest level for many years.