The RBA at night. Photo: RBA
The Reserve Bank of Australia took several steps to ease monetary policy today (November 3), cutting its main rate, reducing its target for three-year yields, and – a first for Australia – launching quantitative easing.
The central bank’s policy rate is now 0.1%, down from 0.25%. It has cut its yield curve control target to the same level, and has also cut the rate on its term funding facility to 0.1%. Term funding offers banks cheap liquidity if they lend money onwards to the economy.
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