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

The Committee said that they are prepared to scale-up its government purchases again and will do whatever is necessary to ensure bond markets remain functional.

Policymakers added that the unprecedented easing of fiscal and monetary policy is helping the economy and it is likely that it will be required for some time.

The Board reiterated that it will not increase the cash rate target until progress is being made towards full employment and inflation within the 2-3% target.