In a speech, RBA Deputy Governor Guy Debelle said the comprehensive package of measures implemented through this year “has materially lowered the structure of interest rates in the Australian financial system”. Additionally, “the decline in interest rates across the yield curve has lowered the exchange rate, relative to what it otherwise would be.”
He acknowledged that the news about vaccines “should help bolster that confidence”. But recovery will be “uneven”. “It is likely to be some time before the vaccines will be widely available and distributed.”
