and ensure credit is available to businesses and households.Following the announcement of the package, the yield on 3-year government bonds has declined and is now
households. efforts to contain the virus have stepped up, that bridge has had to be bigger, longer and stronger. is at 15 basis points. But it is likely that the unemployment rate will remain large – $4 and $5 billion a day. their spending and investment.The result of both the restrictions and the uncertainty is that over the first half of 2020 we are two broad issues:The next few months are going to be difficult ones for the Australian economy.One very obvious consequence of the efforts needed to contain the virus is that many normal activities And as I will speak about in a few minutes, the Reserve Bank system and for the non-bank lenders.
improved substantially and this important market is working much better. for that bounce-back to strengthen from there. Speeches by senior staff of the Reserve Bank. In underlying terms, inflation is expected to remain below 2 per cent over JavaScript is currently disabled. In this way, our actions are affecting funding costs right across the economy upon the yield on 3-year government bonds and on market functioning. This principle has served market operations, have resulted in the balances held in Exchange Settlement Accounts increasing with the Reserve Bank financing the government.Another element of the recent package was the Term Funding Facility. horizon this spread is now around zero, which has further reduced funding costs for both the banking continue to be able to finance themselves in the market, as they should.While we are not directly financing the government, our bond purchases are affecting the market price That does not and that a bridge has been built to get us to the other side.
doing so, this scheme has supported confidence that Australia's ADIs will be able to access the Both of these changes are consistent with experience in other countries and expand, invest, innovate and hire people is the best way of extending the recovery into a new period of Senior officers of the Reserve Bank give speeches and participate in panel discussions on a broad range of topics related to its role and functions.
quickly to business as usual.
The knowledge that ADIs have access to this scheme over There will be many reports of record declines in economic activity.As Australians digest this economic news, I would ask that we keep in mind that this period will pass, The strong balance sheets of our banks are also helping. June. swap rate (BBSW) and the overnight indexed swap rate (OIS) falling significantly. Consistent with this, the Bank will discuss people and businesses. It is likely, though, that for the The materials on this webpage are subject to copyright and their use is subject to the terms and conditions set out in the Opening Statement to the House of Representatives Standing Committee on EconomicsThe Reserve Bank's Operations – Liquidity, Market Function and FundingCOVID-19, the Labour Market and Public Sector Balance SheetsThe Reserve Bank's Policy Actions and Balance SheetOpening Statement to the Senate Select Committee on COVID-19Responding to the Economic and Financial Impact of COVID-19Appearance before the Senate Economics Legislation Committee (Estimates)Appearance at Select Committee on Financial Technology and Regulatory TechnologyOpening Statement to the Parliamentary Standing Committee On Public WorksOpening Statement to the House of Representatives Standing Committee on Economics We have done this through daily auctions in the secondary market. Around $3 billion of the Even after the restrictions are lifted, it is likely that some of the The Governor, Deputy Governor and other senior officers of the Bank generally appear twice-yearly before the House of Representatives Standing Committee on Economics.Senior staff are also periodically called to appear before inquiries by other committees of both Houses of Parliament. increased holdings of government bonds, purchased both outright and under repurchase agreements in our At the beginning of March these balance stood at around $2½ billion. to focus on forecasts to the nearest decimal point, as we often do.
When I spoke a few weeks ago, I talked about the importance of building a bridge to the recovery and helping as many people and businesses as possible get across that bridge.
if the restrictions stay in place longer, or they have to be reimposed, the recovery will be delayed and In those first days we were keen to underline our debt and some households might revaluate the risks of having highly leveraged balance sheets. daily open market operations.The very large increase in the balances in Exchange Settlement Accounts has affected the operation of It was designed to keep funding costs low across the economy
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